Earlier this year INREV, ANREV, NCREIF and PREA officially signed an agreement to create global standards.

To support and advise on the creation of these standards a global steering committee of industry experts has been set up with representation from Asia Pacific, Europe and North America.

A comparison of the NCREIF PREA Reporting Standards and the INREV Guidelines was jointly commissioned by Deloitte, NL and a preliminary report of its conclusions was presented during the first meeting of the Standards Steering Committee on June 18.  The Committee’s initial priorities will be the development of consistent definitions and the reconciliation of INREV’s Total Expense Ratio with the NCREIF PREA Reporting Standards Real Estate Fees and Expenses Ratio.

We are delighted to announce that the following senior industry experts have agreed to participate:

For further information please contact Amelie Delaunay, ANREV. Maurits Cammeraat, INREV or Marybeth Kronenwetter, NCREIF PREA Reporting Standards.

ANREV is part of The International Property Measurement Standards Coalition (IPMSC), a group of 65 professionals and not-for-profit organisations from around the world, working together to develop and implement international standards for measuring property.

In June 2015, IPMS Coalition has launched a consultation on the new International Property Measurement Standard, IPMS: Residential Buildings.

IPMS: Residential Buildings is being developed by the Coalition to establish a common, international methodology for measuring residential property. It seeks to address existing inconsistencies in measurement practices between and even within markets, which can lead to confusion for consumers and the inability to compare property on a like-for-like basis.

IPMS: Residential Buildings will enhance transparency and consistency in property data.

IPMS: Residential Buildings is the second in a suite of International Property Measurement Standards and follows the November 2014 launch of IPMS: Office Buildings. Once published, Coalition organisations have committed to implementing the new standard. Further standards will be created to address industrial, retail and mixed use property.

Creating a market-leading international standard is no easy task. The Coalition has appointed 18 independent experts to lead this work with input from across property markets worldwide. The Coalition organisations recognise the vital importance of gathering extensive consultation feedback in order to deliver something that is fit for purpose and best in class.

On behalf of the entire Coalition , ANREV invites you and your business to review the consultation draft and to offer your valuable feedback.  A copy of the IPMS: Residential Buildings consultation questions can be downloaded here.

You can also access an online version, along with a feedback form through the Coalition’s website: www.ipmsc.org .

Responses should be sent electronically to [email protected] . The consultation will close on Wednesday 30 September 2015.

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]

The ANREV / INREV / NCREIF Capital Raising Survey 2015 explores capital raising activities into the non-listed real estate industry in 2014. The survey provides insights by region, product type, investment strategy, and where possible provides a historical breakdown and analysis by fund manager quartiles based on the size of assets under management (AUM).

This year, for the first time, the survey has a global outreach and was conducted in conjunction with INREV in Europe and NCREIF in the US. The 2015 survey attracted a participation of 142 fund managers globally (2014:106).

In the past year fund managers raised USD149.2 billion globally which is a 12.6% increase compared to 2013. Non-listed real estate funds continue to attract the majority of the private equity raised for real estate globally with 53.7% of the total equity raised, compared with 49% in 2013.

Capital raised for Asia Pacific non-listed real estate funds has been analysed for the first time.

ANREV, INREV and NCREIF would like to thank fund managers for their participation in the Survey.

For further information please contact [email protected]

エグゼクティブサマリー

• 商業用不動産市場のダイナミックスの理解を深める上でデットの透明性が鍵を握る。
• アジア太平洋地域における現在のデットコストは過去5 年間の最低水準で推移。このことは不動産市場でさらにデットが積み上がる可能性を示唆している。
• デット状況は、他の面では透明性が高い市場の多くで、依然として非常に不明瞭である。商業用不動産デットに関するデータが不足しており、これは不動産市場のデータの透明性向上に向けた取り組みの一環として業界団体が取り組むことができる分野である。

EXECUTIVE SUMMARY

• This paper analyses the implications of the emergence of private REITs in Japan and the expected impacts to the industry, by comparing it with other fund types and equivalent products in major markets.

• Momentum is anticipated to pick up given the attractiveness of the open ended direct real estate products while they are still evolving and remain in the early phase. Japan could prove to be the front runner for the open-ended products in Asia.

• There are some reservations to note, however, and we unfold these points, including rules for redemptions and potential conflict of interest.

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 2015.

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
the previous release. The technical specification has also updated and all numbers are also available in Excel.

The GREFI release includes the performance of 379 funds compared to 345 funds at the end of 2014. This difference is due to the increase in the number of funds delivering data in Europe and Asia.

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

Australia funds show best performance since Q4 2010

• Core funds return 2.8%, up for two consecutive quarters
• All funds return 2.3% for Q1 2015, compared to 1.9% on the first quarter of last year
• Japan funds increased 4.8%, or 26% on a one year rolling return basis, still leading country performance in Q1

Data contributions were received from 94 funds with a total gross asset value of US$92.2 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 July.

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.

EXECUTIVE SUMMARY

• Debt transparency key for developing greater understanding of commercial real estate market dynamics

• Current cost of debt in Asia Pacific remains at 5 year lows. This has the potential to translate into additional debt accumulation in the real estate market

• Debt remains deeply opaque in many otherwise transparent markets. There is a lack of available data on debt lent against commercial real estate – an area that could be addressed by industry bodies as part of a wider push for data transparency in real estate markets.

The report explores the different attitudes of Investors by market as well as specificities of Asia Pacific domicile investors in the different markets.