ANREV, INREV and NCREIF are pleased to present the latest in a series of quarterly snapshots of what’s happening in the global real estate investment market.

In this short two-page snapshot, the Global Research Committee share their views of the global macroeconomic and property market landscape, drawing on data and insights from recent global indices and global surveys jointly conducted by all three associations.

Key highlights from May 2024 include:

• Investors continue to sit on the sidelines awaiting price discovery amid negative capital appreciation
• The 2024 Capital Raising Survey shows a record decline in global fundraising in 2023 compared to the preceding year
• Opportunities emerging from the current cycle may see fewer distressed assets but more motivated sellers

The 2023 ANREV annual index included data contributions from 78 funds with a total gross asset value of US$148.1 billion.

Key highlights:

• ANREV’s Annual All Funds Index posted a total return of -4.08% in 2023, down from 5.02% in 2022.
• Value-added funds outperform core and opportunistic funds, posting a total return of 1.98%. Core funds reported the only negative returns across the 3 strategies, with a total return of -5.13%.
• Both multi-sector and single-sector funds reported negative returns.

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.

The Q4 2023 release of the Global IRR Index monitors a sample of 381 closed end funds across vintages from pre-2001 to 2022. All of these 381 funds follow a non-core strategy as defined by their managers and include 331 value added and 50 opportunistic funds. The Q4 2023 release of the Global IRR Index monitors a sample of 381 closed end funds across vintages from pre-2001 to 2022. All of these 381 funds follow a non-core strategy as defined by their managers and include 331 value added and 50 opportunistic funds.

Key highlights:

• This release of the Global IRR Index features 69 Asia Pacific funds, 145 European and 167 funds focused on the USA.

• The IRR of funds in Post 2019 group deteriorates, displaying an equally weighted IRR of -8.96%.

• A majority of funds follow 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 Amélie Delaunay, Daisy Huang, or Eileen Chiu.

With the popularity of the Asia Pacific non-listed real estate market continuing to increase, it is timely to assess how much capital is entering the market and what this figure represents on a global basis.

The Capital Raising Survey was first launched in 2014. This survey gives an insight into capital raising activities within the non-listed real estate industry by region, product type and investment strategy. The non-listed real estate products include separate accounts, joint ventures, club deals, funds of funds and non-listed real estate debt products. The report offers detailed insights into global and regional capital raising figures.

This year's survey attracted the participation of 83 fund managers from 19 countries across Asia Pacific, Europe and North American with a minimum of US$129 billion of new equity raised for investments into non-listed real estate.

The Asia Pacific region attracted US$19 billion of new capital.

The eighteenth gross return report shows a 3-month total gross return of -1.84% for the period between January and March 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 -1.90% in March 2024. The ACOE includes 17 funds with a total GAV of AUD 117.06 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 Q4 2023 ANREV ODCE Asset Level Performance Consultation Report posted a total return of 0.33%, comprised of -0.68% capital growth and 1.02% income return. Slightly improving from the previous quarter’s returns of 0.34%. The report measures the asset level returns of 240 investments owned by 8 ODCE funds valued at US$19.57 billion as of Q4 2023.

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 Amélie Delaunay, Daisy Huang or Eileen Chiu for any queries.