This study compares the fees associated with the management of non-listed real estate investment funds globally. The report is based on the regional studies conducted by Pension Real Estate Association (PREA) in the US, European Association for Investors in Non-listed Real Estate Vehicles (INREV) and Asian Association for Investors in Non-listed Real Estate Vehicles (ANREV) during spring and summer 2016.

The INREV and ANREV management fee and terms questionnaire was updated in January 2016 to reflect updates to the INREV Fee and Expense guideline module. Updates to the questionnaire are minor and largely reflect alignment in terminology with the INREV guidelines.

Core funds in Asia Pacific continue to register strong performance

• The ANREV All Funds index returned 2.14% in Q2 2016
• Core funds returned 3.46%
• Japanese and Australian funds continue to show strong performance
• The ANREV Index now covers more than US$100 billion of GAV

Data contributions were received from 93 funds with a total gross asset value of US$100.5 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 November.

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.

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 Q2 2016.

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 Q2 2016 update release includes the performance of 477 funds compared to 472 funds as of Q1 2016. The GREFI includes funds in Asia Pacific (93), Europe (275), US (100) as well as funds with a global strategy (9). GREFI funds represent US$607.0 billion of total gross asset value with 48% in US funds, 33% in Europe, 17% in Asia Pacific and the remainder in global funds.

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

In this issue, we have included: 
 

Lastly, we would like to thank our working group who helped putting together the Newsletter.

概要

訪日外国人の数が急増している。その数は2015 年の1 年間には1974 万人となり、政府が2020 年に達成するとしている2000 万人にあと少しの水準となった。一方、宿泊施設の室数の合計は、ここ20 年間ほとんど変わっていない。今日、宿泊施設不足は深刻な問題となっており、多くの企業が‐ 従来からこの業界にあったものや、新規参入組も含め‐ 、これを大きなビジネスチャンスとしてとらえている。このレポートでは、日本における最近のホテルマーケットを概観し、また、市場参加者による具体的な取引事例を見ていく。

The number of foreign visitors to Japan has been surging. In CY2015, it reached 19.74 million, just shy of 20 million, the official target set by Japanese government to be achieved in 2020. The total number of rooms at accommodation facilities has remained almost the same for the past 20 years. Nowadays, the shortage of accommodation has become an urgent issue, and many players, both existing and new comers, see as a big business opportunity.

In this report, we provide an overview of the current hotel market conditions in Japan, and examine the actual transactions made by the
players.

Nike and Tishman Speyer worked together to envision and design Nike Greater China headquarter campus in 2012. LEED Gold Certification for Nike campus buildings were set as a common objective by both tenant and Tishman Speyer in the initial stages. This project has achieved LEED Gold certification and the office buildings saved 23 % energy and reduced 50% portable water usage per year.

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 Henry Lam at [email protected]