エグゼクティブサマリー

• 2008 年の世界金融危機後、インドのプライベートエクイティファンドの間では不動産部門におけるストラクチャード債投資が人気を増している。これは主に、投資家に確定利回りを保証し、取引ストラクチャーが許容する場合は更なるアップサイドも提供する可能性のある債務取引である。
• 2010 年から2014 年にかけて、ストラクチャード債取引は6.3 倍以上増加し、その投資総額は3.6 倍となった。
• 今後新たなストラクチャード債取引を始める投資家は、変わり続ける市場のダイナミクス、エンドユース制限、キャッシュフローのミスマッチ、高い資金調達コスト伴う課題を考慮する必要があるかもしれない。

EXECUTIVE SUMMARY

• Post the global financial crisis of 2008, structured debt investment deals in the real estate sector became
popular with private equity funds in India. These were primarily debt transactions arranged in a manner that
provided assured returns to the investor along with a possible upside, if the deal structure so allowed.

• Between 2010 to 2014, the number of structured debt deals increased by more than 6.3 times, whilst the total
value of such investments increased by 3.6 times.

• Going ahead, investors looking at entering into new structured debt transactions may need to factor in ever
changing market dynamics, end-use constraints, cash flow mismatches and the issues presented by the high
cost of funding.

China
• Taxation of Indirect Transfer of Real Estate in China
• China proposes new Foreign Investment Law
• AMAC issues guidelines on outsourced fund services
• CBRC publishes measures on financial asset management companies
• State Council publishes trial rules for immovable properties registration
• Qianhai Shenzhen – Hong Kong cooperation plan approved

Hong Kong
• Proposed extension of the Hong Kong offshore fund exemption regime may benefit PE funds and PERE funds
• Amendments to Code on Unit Trusts and Mutual Funds take effect
 

Other Headlines:
• Indian government reviews FDI policy on foreign investment limit for construction development sector
• Thai SEC to issue infrastructure trust regulations

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]

As a pension fund manager, APG’s mandate is to invest responsibly by incorporating sustainability and governance factors into every investment they make. In the alternative investment space, they believe their investment success depends on finding and building long-term relationships with investment partners who understand APG’s fiduciary
responsibilities and investment philosophy.

Lemon Tree Hotels (Lemon Tree Hotels), a developer and operator of mid-range hotels across India, is one such investment partners. The company owns/operates 3,100 hotel rooms as of December 2014. APG has and continues to support Lemon Tree Hotels’s unique social program, which has made an invaluable social impact within its local community while at the same time helping to consolidate its own brand reputation which in turn has a positive effect on investment value.

Asia Pacific Investors will increase real estate allocation in 2015

The ANREV Investment Intentions Survey 2015 shows that Asia Pacific investors will increase their real estate allocations from 9.8% to 11%.

40% of global investors expect to increase their allocation to non-listed real estate funds in Asia Pacific.

Tokyo, Sydney, China Tier 1 cities and Melbourne are the top investment destinations for investors.

This is the eighth investment intentions Asia Pacific report and the second global survey conducted together with INREV in Europe and PREA in the United States.

This survey attracted a record number of 337 respondents.

The ANREV Sustainability Survey is the second annual report as the result of collaboration between GRESB and ANREV and focuses on analyzing the sustainability performance of ANREV members.

77% of ANREV participants in 2013 have participated in this year’s survey, the total number of ANREV participants has also increased by 6% y-o-y to 70 in 2014 with an aggregate gross asset value of USD93 billion.

The survey concluded that ANREV members have performed well above the overall GRESB average score and showed an improvement compared to the results in 2013. In 2014, ANREV participants obtained an average score of 54 compared with a global average of 47 and a score of 48 in 2013.

In order to let our members better understand ANREV Index as a performance measuring tool, ANREV has published the ANREV Index Guide.

ANREV Index Guide explain the history, composition, management, inclusion criteria and calculation methodology of the index. You can also find publication schedule of ANREV Index in 2015.

Please find the ANREV Index Guide and ANREV Quarterly Index Q3 2014 below. Should you have any questions related to the two documents, please send email to Henry Lam ([email protected]) or Amelie Delaunay ([email protected]).