ANREV is pleased to present the results of the Investment Intentions Survey 2025 with a specific focus on non-listed real estate funds. The survey was conducted in conjunction with the European Association for Investors in Non-listed Real Estate Vehicles (INREV) and the Pension Real Estate Association (PREA). By joining the forces of all three organizations, the survey is able to present a truly global view on expected trends and investment intentions within the real estate industry. This is the sixteenth edition of the regional survey which attracted 90 respondents: 76 investors (94%), and 5 multi managers (6%).

Chapter 1 explores global real estate allocations, providing insight into investment trends globally and is based on the full sample of respondents. This is a common section that can also be found in the INREV and PREA 2025 Investment Intentions reports.

Chapter 2 focus on the Asia Pacific real estate market, including insights on preferred structures, markets, sectors, styles and trends. This chapter is based only on those investors and fund of fund managers who are already investing in the Asia Pacific market or intend to do so in the next two years.

The Q3 2024 release of the Global IRR Index monitors a sample of 390 closed end funds across vintages from pre-2001 to 2022. All of these 390 funds follow a non-core strategy as defined by their managers and include 339 value added and 51 opportunistic funds.

Key highlights:

• This release of the Global IRR Index features 74 Asia Pacific funds, 146 European and 170 funds focused on the USA.

• The IRR of the Post-2019 group improved by 428 bps to -2.64%, from -6.93% in Q2.

• A majority of funds have value added and single country strategies.

• The performance of the USA’s 2008-2010 fund vintage continues to lead all cohorts in all regions.

The Global Internal Rate of Return (IRR) Index is jointly produced by INREV, ANREV and NCREIF to measure the IRR performance of closed end non-listed real estate vehicles since inception on a global scale.

For any queries please contact Daisy Huang or Eileen Chiu

The gross return report shows a 3-month total gross return of 0.77% for the period between October and December 2024.

The gross return report is a supplementary report to the ANREV Australia Core Open End Fund Monthly Index (ACOE) published one month after every quarter showing aggregated gross returns of the 17 ACOE funds.

Please contact Daisy Huang or Donald Lam if you have any questions regarding the Index.

The ANREV Australia Core Open End Fund Monthly Index (ACOE) saw a total return of -0.03% in December 2024. The ACOE includes 17 funds with a total GAV of AUD 113.41 billion.

The ACOE Index also reports data on geographic allocation by sector.

Please contact Daisy Huang or Donald Lam if you have any questions regarding the Index.

This is the 6th Review of Investor Reporting Trends survey, which is based on self-assessments submitted by 16 managers during the summer of 2024 on behalf of 22 vehicles.

The Review of Investor Reporting Trends survey provides an insight into current market practices in investor reporting across non-listed real estate vehicles investing in Asia Pacific and especially the extent to which reporting complies with the requirements and recommendations of the INREV Guidelines. The survey has been undertaken by PwC.

The Q3 2024 ANREV ODCE Asset Level Performance Report posted a total return of 0.66%, comprised of -0.39% capital growth and 1.04% income return. Up 92 bps from -0.27% posted in Q2 2024. The report measures the asset level returns of 239 investments owned by 8 ODCE funds valued at US$19.33 billion as of Q3 2024.

Due to its limited coverage this report is not considered as an index. The report's results are generated based on the asset level data provided to ANREV directly from the contributing managers. Data collection starts immediately after a quarter has ended for a period of up to 6 weeks after quarter end.

Please contact Daisy Huang or Eileen Chiu for any queries.

The Global Real Estate Fund Index (GREFI) shows the performance of non-listed real estate funds on a global basis and is jointly created by ANREV, INREV and NCREIF. This publication includes performance figures up to the end of Q3 2024. The GREFI is updated on a quarterly basis and is published 12 weeks after the quarter end.

The history of the Global Real Estate Fund Index (GREFI) has been extended to Q1 2005, now offering more than 15 years of performance across all regions.

Key highlights:

• The GREFI All Funds Index turned positive in Q3 2024 delivering a total return of 0.38%, marking the first positive performance from the index since Q2 2022.

• All regions recorded positive performance this quarter, with Asia Pacific outperforming the wider index, followed by Europe and then the US.

• Both GREFI core and non-core funds reported positive performance this quarter, with the GREFI core funds slightly outperforming their riskier non-core peers.

For any queries, please contact Daisy Huang or Eileen Chiu.

The IRR Index measures the internal rate of return performance of Asia Pacific closed end non-listed real estate funds since the funds’ inception up to the end of the latest quarter. Performance is measured net of fees and costs and is computed on both a pooled return basis and an equally weighted basis (arithmetic mean).

The IRR Quarterly Index Q3 2024 includes 74 closed-end funds across vintages from pre-2005 to 2022.

For any questions or comments, please contact Daisy Huang or Eileen Chiu.

The ANREV Australia Core Open End Fund Monthly Index (ACOE) saw a total return of 0.24% in November 2024. The ACOE includes 17 funds with a total GAV of AUD 112.89 billion.

The ACOE Index also reports data on geographic allocation by sector.

Please contact Daisy Huang or Donald Lam if you have any questions regarding the Index.

The Q3 2024 ANREV index included data contributions from 77 funds with a total gross asset value of US$141.6 billion.

Key highlights:

• ANREV’s All Funds Index posted a total return of 0.90% in Q3 2024, up 372 bps from -2.82% posted in the previous quarter.
• Opportunistic funds, with a total return of 2.17%, outperformed core and value-added funds which posted 0.89% and 0.53% respectively.
• Multi country funds outperformed other single country strategy funds with a 3.59% total return over the quarter.

Further details of the sub-indices which cover different fund styles and various geographies can be found in the full report.

We would like to thank all the funds that contributed data, and look forward to your continued support in the next round of data collection. If you have any questions about the index or wish to take part in this industry-led initiative, please contact Daisy Huang or Eileen Chiu.