It is an index showing the performance of non-listed real estate funds on a global scale and is created by ANREV, INREV and NCREIF. This publication includes the performance figures up to Q1 2017.

The GREFI was updated for the first time on a quarterly basis following the first quarterly release of the ANREV Index for Q1 2014. From Q1 2014 onwards, the GREFI has been updated 12 weeks after the quarter end. This index release follows the same structure of previous releases. The technical specification has also updated and all numbers are also available in an Excel file.

The GREFI Q1 2017 update release includes the performance of 523 funds compared to 479 funds as of Q4 2016. The GREFI includes funds in Asia Pacific (94), Europe (318), US (98) as well as funds with a global strategy (13). GREFI funds represent US$626.9 billion of total gross asset value with 49% in US funds, 33% in Europe, 15% in Asia Pacific and the remainder in global funds.

Please send your queries on this release to [email protected].

Non-core funds outperformed core funds in Q1 2017

• The ANREV All Funds index returned 3.4%
• Value added and opportunity funds returns were up in Q1 2017 at respectively 4.4% and 4.0%

Data contributions were received from 94 funds with a total gross asset value of US$94.9 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 in August.

To participate in the ANREV Index, please contact Amélie Delaunay at [email protected] or Henry Lam at [email protected] to take part in this industry-led initiative or if you have any questions about the ANREV Index.

In June’s issue, we have included: 

China

-       SAFE publishes Q&A providing further operational guidance on authenticity and compliance checks for cross-border transactions

-       Cross-border data transfers: China issues new measures to strengthen data localisation

-       SAFE publishes Q&A on overall macro-prudential management of cross-border financing

Global

-       Smart buildings - not all just bricks and mortar

Hong Kong

-       SFC consults on new guidelines on online distribution and advisory platforms

-       Prudential measures for property mortgage loans

Singapore

-       MOF announces measures relating to residential property

-       MAS consults on proposed amendments to Securities and Futures (Offers of Investments) (Collective Investment Schemes) Regulations 2005

-       MAS consults on proposed framework for Singapore Variable Capital Companies

Thailand

-       New property tax regime within sight: what should we expect?

USA

-       US senators raise questions about CFIUS and real estate transactions

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

In September 2016 Real Estate of Credit Suisse Asset Management acquired a new building in the city center of Amsterdam. The office building is situated in an excellent location fronting a river near the Amsterdam city center. Just four years old, the high-quality property mirrors the neighboring industrial charm by offering large outdoor areas and floor-to-ceiling windows. The entrance hall provides communal lunch facilities and a lounge area on the ground floor entirely fit out in the style of the building.The building underlies a profound analysis of its energy efficiency performance. Energy Star identifies energy efficient buildings by both defining reference of
energy use (comparable buildings) and benchmarking its performance (US building population). Real Estate collaborates with Siemens in order to achieve its ambitious target of a top quartile score performance (+75) within 3 years.

Fund managers reached a new record of US$2.5 trillion of real estate assets under management

• Top 10 largest fund managers represent 38.8% of total AUM
• JVs and club deals make up a material part of the value in Asia Pacific (28.0%)
• Pension funds continue to be the dominant investor type for non-listed direct real estate

As of 31 December 2016, the total real estateassets under management (AUM) was US$2.5 trillion compared to US$2.19 trillion at the end of 2015. The top 3 fund managers’ assets under management comprises over US$420 billion and the top 50 fund managers increase their assets under management by more than US$4 billion each.

The Blackstone Group tops the list with US$150.9 billion of gross asset value (GAV) of non-listed real estate assets under management. Following closely, Brookfield Asset Management ranks second with US$148.0 billion of total real estate AUM. PGIM occupies the third position with US$121.7 billion of global real estate AUM.

With the Paris Agreement ratified and the forthcoming release of the Financial Stability Board's Taskforce on Climate Related Financial Disclosure, there has seemingly never been more global momentum responding to the challenge of climate change. Furthermore, reporting from the UNPRI and the UN Environment Programme's Finance Initiative highlights both the physical and transition risks posed by Climate change. As Asset managers, how can we ensure our assets are best prepared for rising temperatures, increased extreme weather event frequencies and electricity shortages, as the world shifts to a low-carbon economy with the associated impacts on markets and global capital flows as mangers seek to reduce the carbon risk of their portfolios.

This short webinar discusses on the implication of these global trends on Real Estate investment and the property sector.

The INREV Sustainability Reporting Guidelines have been revised to form a disclosure framework that delivers meaningful data to increase visibility and insight into a vehicle’s ESG efforts and also details their next course of action for improvements. We aim to provide a coherent framework for ESG reporting in line with annual financial reporting from 2017 and present a clear picture from the vehicle’s strategy through to environmental key performance indicators.

At this webinar, you will receive updates and guidance on the implementation and consistent reporting methodologies the INREV Sustainability Guidelines with a session especially focused for Asian Investors.