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The ANREV Management fees and terms study explores fees and costs structures of Asia Pacific non-listed real estate funds with a focus on the Total Global Expense ratios (TGERs) and real estate expense ratios (REERs). This study includes 36 vehicles managed by 18 managers that submitted their 2023 TGERs representing a combined total GAV of US$75.6 billion. Of the 36 vehicles which provided data for their TGERs, 27 vehicles provided data on their 2023 REERs. Outliers were removed from the dataset.
The publication also includes the first release of global comparison of the Total Global Expense Ratio (TGER) featuring 46 funds out of the 49 funds included in the Global ODCE Index, representing a total gross asset value (GAV) of USD 359 billion (98% of the Global ODCE Index’s GAV) as of the end of 2023.
Key highlights include:
09 Jul, 2025
The Asia Pacific Market Insights is a snapshot that compiles perspectives from our research committee members to evaluate the market dynamics of the Asia Pacific non-listed real estate sector.
02 Jul, 2025
ANREV, INREV and NCREIF are pleased to release the second publication of the global comparison of the Total Global Expense Ratio (TGER). The study includes the TGER for 47 funds out of the 49 funds included in the Global ODCE Index as of the end of 2024.
04 Jun, 2025
The total global real estate assets under management (AUM) was at US$3.8 trillion at the end of 2024 from 114 investment managers contributing to the survey.