The ANREV Australia Core Open End Fund Monthly Index (ACOE) saw a total return of 1.38% in Sep 2018. The ACOE includes 19 funds with a total GAV of AUD 104.82 billion.

Please contact Amélie Delaunay at [email protected] or Daisy Huang at [email protected] if you have any questions regarding the Index.

The document is a distillation of information provided to ANREV by non-listed property vehicles, as well as publicly available information of other non-listed property vehicles, in order to give a view on the size and composition of the Asia Pacific non-listed property funds market over a particular period of time.

If you have any questions, please contact Daisy Huang at [email protected].

This is the fifth study on the fees and terms of non-listed real estate funds investing in the Asia Pacific region. This biennial project aims to increase the transparency of the fee structures and fee levels in funds, and to create a framework for the regular reporting of fees in funds. The project also aims to increase the understanding of the challenges and limitations the non-listed real estate fund industry faces in analysing and comparing fee structures and levels.

Please contact Jimmy Ong ([email protected]) if you have any enquiries regarding to the fees and terms survey.

ANREV has launched the fifth release of the IRR by vintage index. The ANREV IRR/Investment Multiple Index (The IRR Index) measures performance of value added and opportunistic non-listed closed end funds focused in Asia Pacific.

We welcome any questions or comments - please email [email protected]

Welcome to the September 2018 update of the Global Real Estate Fund Index (GREFI). It is an index showing the performance of non-listed real estate funds on a global basis and is created by ANREV, INREV and NCREIF. This publication includes performance figures up to end of Q2 2018.

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. All numbers are also available in an Excel file.

The GREFI All Funds Index delivered a Q2 total return of 2.10%, down from 2.15% previously, according to the latest release of the Global Real Estate Fund Index (GREFI) 

Key highlights:

• Total returns for Asia Pacific, European and US funds remains above 2% for the third quarter
• Asia Pacific outperformed Europe and the US with a total return of 2.25% over Q2
• Non-core funds outperformed core posting a Q2 return of 2.48% compared with 2.31% of Q1

Please send any queries to [email protected] or [email protected].

In September's issue, we have included:

Australia

• ASIC consults on proposed changes to the capital requirements for market participants
• ASIC updates guidance for funds management industry
• External report on fees and costs disclosure welcomed by ASIC
• Queensland Budget: Increased property taxes from 1 July 2018

Cayman Island

• Investment Entity AML Officers: Only Two Months Remain to Make Appointments

Hong Kong

• Hong Kong proposes a new vacancy tax on properties
• Resolution to implement Government Green Bond Programme to be introduced

Japan

• Integrated Resorts Act legalising casinos in Japan enacted
• Stewardship Code: 229 institutional investors have signed up to the Principles for Responsible Institutional Investors as of July 3, 2018
• Recent moves in Japan towards tougher corporate compliance

New Zealand

• Overseas Investment Amendment Bill Approved

Singapore

• MAS updates Guidelines on Licensing, Registration and Conduct of Business for Fund Management Companies
• MAS publishes regulations relating to classification of Capital Markets Products

South Korea

• Ministry of Economy and Finance publishes Tax Revision Bill 2018

Lastly, we would like to thank our committee who helped putting together the Newsletter. Details about this committee can be found here.

Core funds outperformed Non-core funds in Q2 2018

• The ANREV All Funds index returned 2.25% up from 2.17% in Q1 2018
• Core funds overperformed value added and opportunistic returning 2.62% compared with returns of 2.28% and -1.00% respectively

Data contributions were received from 95 funds with a total gross asset value of US$131.4 billion. Further detail of the sub-indices which cover fund style and various geographies can be found in the full report.

We would like to thank all the companies that supported the data collection exercise and look forward to your continued support in the next round of data collection.

If you have any questions about the ANREV Index or want to take part in this industry-led initiative, please contact Amélie Delaunay at [email protected]

The ANREV Australia Core Open End Fund Monthly Index (ACOE) saw a total return of 0.45% in Aug 2018. The ACOE includes 19 funds with a total GAV of AUD 103.18 billion.

Please contact Amélie Delaunay at [email protected] or Ricky Cheng at [email protected] if you have any questions regarding the Index.

A step closer to global alignment

Over 40 companies took the time to have their say and provide a detailed response to the Total Global Expense Ratio (TGER) industry consultation, which ran between March and June 2018.

Thanks, your feedback is greatly appreciated and will allow us to conclude on the first globally comparable measurement of fees and costs. 

Your insights will ensure that we can successfully design a global standard that is simple, practical and facilitates comparison and consistent reporting of fees and costs.

The feedback will now be reviewed by the Global Task Force with the aim of having it finalised by the end of the year.

TGER is the new proposed global standard for measuring fees and costs of a real estate investment vehicle. It enables comparison across products, regardless of the vehicle domicile, structure and management activities.

The Global Standards initiative was established as a collaboration between ANREV, INREV NCREIF and PREA to jointly develop comparable reporting standards for institutional real estate investment vehicles on a global basis.