Data contributions were received from 96 funds with a total gross asset value of US$120.7 billion. The All Asia Index headline return was 14.3% in local currency for 2017 compared with 10.3% in 2016.

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 next year.

Together with the release of Annual Index 2017, ANREV has recalculated the Q4 2017 Quarterly Index. Members can move to ANREV Analysis Tool to check out the updated results.

If you have any questions about the ANREV Index or wish to take part in this industry-led initiative, please contact Ricky Cheng.

ANREV has started data collection for the Management Fees and Terms Study. This study is conducted every 2 years.

The  questionnaire is integrated into the online ANREV Vehicle Data Input Tool. For funds that have participated in previous years, a significant part of the data is prefilled.

Data can also be provided using an excel-based questionnaire. To maintain confidentiality results will be presented at an aggregated level and therefore no individual data will be published. 

We kindly request members to provide data for all your funds by Thursday 31 May.

If you have any queries please contact [email protected]

Currency movements can impact domestic currency cash flows from international real estate investments, therefore understanding and managing currency risk is an important part of the investment process. This research explores how investors in Asia Pacific non-listed real estate vehicles approach these issues and the impact of different hedging strategies.

The research has been commissioned to Cambridge University for the Erwin Stouthamer Research Grant and has been written by Professor Nick Mansley and Zilong Wang. The research represents the joint efforts of the research team from the University of Cambridge, ANREV (who managed the survey) and Chatham Financial (who conducted the simulation analysis).

The ongoing tax and regulatory developments put increasing pressure the requirements fund structures have to meet in order to be efficient, compliant, sustainable and attractive to investors. Particularly on the tax side there is a paradigm shift with the focus now changing from “substance” to the “business rationale” of a structure.

From a professional standards perspective we consider this a very relevant topic as good fund governance entails designing a fund structure that is not only compliant with the tax, legal and regulatory requirements as they apply at the inception of the fund but also as they are expected to apply during the fund’s term. The round table allowed the participants to share their perspectives and experiences on the developments in the fund-structuring and fund-raising process thereby engaging in peer-to-peer learning.

This document is for members only. Please login if you do not see the downloads below

ANREV Professional Standards Committee would like to thank the participants who have engaged in the discussion as well as Joep Ottervanger from Loyens & Loeff and Eric Roose from Withers KhattarWong, who kindly helped to facilitate the discussion and wrote this paper.

To learn more about this Committee, please click here.

Welcome to the April 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 Q4 2017.

Due to additional time being needed to submit data from closed end funds in the US, the Q4 2017 GREFI has been released in two parts: preliminary release on March 28th and final release on April 18th.

The GREFI 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 Q4 2017 GREFI release includes the performance of 520 funds compared to 521 funds as of Q3 2017. The GREFI includes funds in Asia Pacific (90), Europe (325), US (93) as well as funds with global strategies (12). GREFI funds represent US$718.7 billion of total gross asset value with 44% in US funds, 35% in Europe, 18% in Asia Pacific and the remaining 3% in global strategy funds.

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

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].

In April's issue, we have included:

Australia

• Stapled structures under pressure
• Foreign investment regulation in Australia
• Security of Critical Infrastructure Bill

China

• China clarifies beneficial ownership requirements
• State Council announces reduction to VAT rates and other significant VAT changes
• China regulators jointly release new rules to narrow the use of regulatory arbitrage in the asset management industry

Hong Kong

• Bill to amend provisions of Companies Ordinance to improve its clarity and operation gazetted
• Hong Kong Significant Controllers Register
• Revised anti-money laundering guidelines gazetted
• Hong Kong introduces BEPS bill marking a significant step up in its transfer pricing enforcement regime

Japan

• New fund structure available for real estate investment in Japan

Singapore

• Singapore Budget: New stamp duty rates on real estate
• Singapore Budget: Announcement on S-VACCs

South Korea

• The Korean National Assembly in December 2017 passed a tax bill.

UK

• UK to tax gains made by non-residents on the disposal of UK immovable property from April 2019

U.S.

• Tax Cuts and Jobs Act

Asia Pacific

• Key tax issues at year end for real estate investors 2017/2018

ASEAN

• Revised ASEAN Collective Investment Schemes (CIS) Framework

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

With the popularity of the Asia Pacific non-listed real estate market continuing to increase, it is timely to assess how much capital is entering the market and what this figure represents on a global basis.

The Capital Raising Survey was first launched in 2014. This survey gives an insight into capital raising activities within the non-listed real estate industry by region, product type and investment strategy. The non-listed real estate products include separate accounts, joint ventures, club deals, funds of funds and non-listed real estate debt products. The report offers detailed insights into global and regional capital raising figures.

The 2018 survey attracted a record number of participants with 175 fund managers globally completing the questionnaire, a 8% increase compared to 2017 when 162 fund managers responded to the survey. 76.6% of those surveyed raised a combined US$160.2 billion for non-listed real estate throughout 2017.  The Asia Pacific region attracted US$26.2 billion of equity, a significant increase to the previous years’ figure of US$22.9 billion.

The ANREV Australia Monthly Index saw a total return of 1.50% in March 2018, the one year rolling return at 11.98% illustrating the strong performance of the Australian market. The ANREV Australia Core Open End Fund Monthly Index currently includes 19 funds with a total GAV of AUD 98.01 billion.

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