The IRR Index measures the internal rate of return performance of Asia Pacific closed end non-listed real estate funds since the funds’ inception up to the end of the latest quarter. Performance is measured net of fees and costs and is computed on both a pooled return basis and an equally weighted basis (arithmetic mean).

The IRR Quarterly Index Q1 2024 includes 72 closed-end funds across vintages from pre-2005 to 2018.

For any questions or comments, please contact Daisy Huang or Eileen Chiu.

The Global Real Estate Fund Index (GREFI) shows the performance of non-listed real estate funds on a global basis and is jointly created by ANREV, INREV and NCREIF. This publication includes performance figures up to the end of Q1 2024.

The GREFI All Funds Index was updated for the first time on a quarterly basis following the second quarterly release of the ANREV Index for Q1 2014. From Q1 2014 onwards, GREFI has been updated 12 weeks after the quarter end. This index release follows the same structure of previous releases.

The history of the Global Real Estate Fund Index (GREFI) has been extended to Q1 2005, now offering more than 15 years of performance across all regions.

Key highlights:

• The GREFI All Funds Index delivered a total return of -1.29% in Q1 2024 and was negative for the seventh consecutive quarter.

• Other than Asia Pacific, all regions recorded quarter-on-quarter increase in performance, with Europe outperforming the wider index.

• GREFI Core funds slightly outperformed their riskier non-core peers, with both strategies remaining in negative territory.

For any queries, please contact Amélie Delaunay, Daisy Huang or Eileen Chiu.

The ANREV Australia Core Open End Fund Monthly Index (ACOE) saw a total return of 0.21% in May 2024. The ACOE includes 17 funds with a total GAV of AUD 116.77 billion.

The ACOE Index also reports data on geographic allocation by sector.

Please contact Daisy Huang or Donald Lam if you have any questions regarding the Index.

The Q1 2024 ANREV index included data contributions from 77 funds with a total gross asset value of US$147.9 billion.

Key highlights:

• ANREV’s All Funds Index posted a total return of -1.71% in Q1 2024, down from -0.89% posted in Q4 2023.

• Opportunity funds posted the only positive total returns of 0.52%, outperforming both core and value-added funds which reported -1.75% and -2.22% respectively.

• Both multi-sector and single-sector funds reported negative returns, posting -2.41% and -1.15% respectively

Further details of the sub-indices which cover different fund styles and various geographies can be found in the full report.

We would like to thank all the funds that contributed data, and look forward to your continued support in the next round of data collection. If you have any questions about the index or wish to take part in this industry-led initiative, please contact Daisy Huang or Eileen Chiu.

The ANREV Australia Farmland Index provides financial performance of 61 different properties of market value over AUD 2.1 billion in farmland.

ANREV Australia Farmland Index returned -0.45% on a 12-month rolling basis in Q1 2024.

On an annualized rolling return basis, the income return was at -0.32% in Q1 2024.

Capital growth was at -0.18% in Q1 2024 on a 12-month rolling basis.

We would like to thank all the managers for their data contribution.

If you have any questions about the Index, please contact Daisy Huang or Donald Lam.

ANREV, INREV and NCREIF present the fifth edition of the Global ODCE (Open End Diversified Core Equity) Fund Consultation Index, consisting of 49 funds with a combined total gross asset value of US$ 355.8 billion. 

Key highlights include: 

• The Q1 2024 Global ODCE reported a net total return of -2.35%, marking the seventh consecutive quarter of negative performance. On a 1-year rolling annual basis the total return stands at -9.01%.
• Europe outperformed the other regions with a total return of -0.56%, followed by the US with -2.58%, and -3.90% in Asia Pacific. Other than Asia Pacific, all regions saw a quarter-on-quarter increase in performance.
• On a five-year annualized basis, the Global ODCE Index shows an aggregated total return of 1.94%. Asia Pacific posted the highest annualized total return of 2.73%, followed by the US with 2.56%, and 0.19% in Europe.

 Please contact Amélie Delaunay, Daisy Huang or Eileen Chiu should you have any questions regarding the Index.

• Total real estate AUM at US$4.1 trillion in 2023, marking a second year of contraction from 2021 peak.
• The top 10 managers by size represents 51% of the total AUM·and grew by 8.1% year on year.
• Debt products increased in importance, now representing 13% of non-listed real estate allocations.

At the end of 2023, the total global real estate assets under management (AUM) reached a record of US$4.1 trillion. The total AUM of the top 10 managers exceeded US$2.1 trillion.

With over US$520 billion of real estate AUM, Blackstone tops the overall list, followed by Brookfield and Prologis.
 
ESR takes the first spot in the top 10 in APAC, followed by GLP and CapitaLand.

The Q1 2024 ANREV ODCE (Open End Diversified Core Equity) Fund Index results were released on 29 May 2024 and posted a net total return of -3.90%, down 773 bps from 3.83% posted in Q4 2023.

Key highlights:

• Capital growth dropped by 770 bps to -4.61%, while the distributed income return stands at 0.71%.
• After taking out the currency impact of -4.20%, the index delivered a Local Currency Equivalent Net Return of 0.30%.
• The index features 8 funds, with a total GAV of US$21.3 billion as of the first quarter of 2024.

Please provide feedback and comments to Daisy Huang or Eileen Chiu.