Data contributions were received from 92 funds with a total gross asset value of US$96.0 billion. The All Asia Index headline return was 1.8% in local currency for Q3 2014 compared with 1.9% in Q2 2014.

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 January.

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.

Global Real Estate Fund Index (GREFI) shows 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 Q3 2014.

The GREFI consists of 369 funds in Q3 2014. The total gross asset value of all funds is $496.1 billion.

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

英国の事業用不動産市場： その規模とは？

IPFリサーチプログラムはこのほどポール・ミッチェル不動産コンサルタンシー社のポール・ミッチェル著「英国の不動産市場の規模と構造2013年：変化の10年」を刊行した。この著書は、英国の事業用不動産の価値とはいかなるものか、さまざまなセクターや英国内でどのように分布しているのか、保有者は誰なのか、投資市場の規模はどのくらいか、といったIPFが2005年に提起した疑問に立ち戻っている。またこの新たな調査はさらなる2つの疑問 -- 居住用不動産は事業用不動産と比較してどうか、そして不動産へのエクスポージャーが断片化する世界で保険会社や年金基金などの機関投資家が英国不動産への投資から得るものとは何か -- を投げかけている。

この度ANREVがメンバーの皆様に適正なサービスをご提供できているかを検証すべく、メンバーシップ・サービス内容に関する調査を実施致します。是非とも皆様の遺憾のないご意見を賜れますと幸いです。

ご回答内容は集計結果のみを公表し、回答者が明らかになるような形で第三者に開示・公表することは一切ございません。

本調査は凡そ15分を要します。調査票は2015年1月16日（金）までに林（[email protected]）宛お送り頂けますと幸いです。

お忙しい中とは存じますが、何卒ご協力賜ります様、よろしくお願い申し上げます。

40 Mount Street (aka “Coca-Coca Place”) is a landmark 300,000 sf Grade A office building that demonstrates exceptional environmental performance. This awardwinning North Sydney property is the first completed high-rise building in New South Wales to achieve the 6 Star Green Star Office Design and As Built ratings by the Green Building Council of Australia, and was designed to a NABERS 5 Star rating.

This webinar session was successfully held on 11 December 2014 (Thursday).

Summary

As the financial downturn has put an increased focus on transparent and consistent reporting to investors, the one hour practical online training introduced the key building blocks to support best practice in the area of adjusted NAV calculation.
It included a high level examination of using INREV Net Asset Value (NAV) and short explanation of the calculation examples.
The following topics were covered:

• Understanding INREV NAV
• Walking through a calculation example
• How to report on INREV NAV and the level of disclosure according to INREV Guidelines

For members who have missed the webinar and interested to view the recordings, please download.

ANREV is pleased to present its 2014 year-end newsletter for Japanese market which includes Chief Executive’s message from Alan Dalgleish, a rounds up of the Association’s activities and achievements in Japan in 2014.

日本に拠点を置かれる皆様に向け、代表のアラン・ダルグレイッシュより年末のご挨拶を申し上げると同時に、新しくANREVへご加入頂いた企業様のご紹介を含め、今年度の日本におけるANREVの活動内容をご報告致します。

European insurance groups are the largest institutional investors in Europe's financial markets and have a significant role in long term investment globally.

Solvency II is the new European prudential regulatory regime for insurers due to come into force on 1 January 2016. The new regime takes a completely different approach to regulation from the current regime and, in particular, in relation to the investments backing insurers' liabilities and capital requirements. Instead of prescribing admissible assets and counterparty and asset limits as is the case currently, it adopts a more permissive "prudent investor regime" but, also introduces a system of stress testing asset valuations, effectively resulting in capital charges on the insurer for holding different types of assets depending on the risks inherent in that asset. Fund managers and others hoping to attract insurance company investors should be aware of structures and investments likely to be attractive to insurance company clients in this respect.

For those who are interested, please click here. 

Presenter:
Clare Swirski
Corporate Partner, Financial Institutions Group
Clifford Chance LLP

Clare Swirski is a corporate partner in the Financial Institutions Group at Clifford Chance with over 18 years' experience in corporate work including mergers and acquisitions, listings, group re-organisations and joint ventures. She provides regulatory, corporate and commercial advice to insurers, banks, fund managers and other financial institutions including transactional advice on mergers and acquisitions, reinsurance and risk transfer and solvency and regulatory capital issues under the current regime and under Solvency II. Clare is a member of the City Lawyers group on Solvency II and is rated Band 1 in Chambers and a leading individual in Legal 500.

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This presentation does not constitute legal advice and should not be relied upon for any purpose. Clifford Chance makes no warranty or representation as to the accuracy of any information contained herein.