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:

• The average TGER of all vehicles was 0.71% based on GAV and 1.30% based on NAV.
• Core and larger funds (average GAV larger than US$1 billion) registered lower TGERs.
• Single country strategy funds and lower geared funds reported lower TGERs.

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 includes 34 vehicles managed by 20 managers that submitted their 2022 TGERs representing a combined total GAV of US$100.7 billion. Of the 34 vehicles which provided data for their TGERs, 20 vehicles provided data on their 2022 REERs.

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 year’s study includes 57 vehicles managed by 27 managers that provided information on general fees and terms (representing a combined total GAV of US$110.9 billion). Of those, 42 funds managed by 24 managers submitted their 2021 TGERs representing a combined total GAV of US$96.8 billion.

The ANREV / INREV Management Fees and Terms Comparison Study compares the fees and cost structures of 33 non-listed real estate investment funds in Asia Pacific and 87 in Europe with a focus on Total Global Expense Ratios (TGERs), Total Expense Ratios (TERs) and Real Estate Expense Ratios (REERs). The report is based on the regional studies conducted by ANREV and INREV during 2020.

Some of the key findings identified in the report are as follow:

• Average TGERs and TERs for core and value added non-listed real estate funds in Asia Pacific are lower than those in Europe.

• Average REERs are higher in Asia Pacific than in Europe

Please contact Sharon Chan if you have any questions regarding the comparison study.

The ANREV Management fees and terms study explores fees and costs structures of Asia Pacific non-listed real estate funds with a focus on total expense ratios (TERs) and real estate expense ratios (REERs).

For the first time in 2020 the study will also cover the first data on the Total Global Expense Ratio (TGER) which is the new global standards adopted by ANREV, INREV and NCREIF PREA reporting standards to facilitate comparison of fees and costs between real estate investment vehicles that operate across the different regions.

The ANREV / INREV Management Fees and Terms Comparison Study compares the fees and cost structures of non listed real estate investment funds in Asia Pacific and Europe with a focus on total expense ratios (TERs) and real estate expense ratios (REERs). The report is based on the regional studies conducted by ANREV and INREV during 2018.

Some of the key findings identified in the report are as follow:

• TERs before and after performance fees are higher in Asia Pacific than in Europe
• Core funds in Asia Pacific have lower TERs than in Europe
• REERs are on average lower in Asia Pacific than in Europe

Please contact Draco Mok at [email protected] if you have any questions regarding the comparison study.

This is the fifth study on the fees and terms of non-listed real estate funds investing in the Asia Pacific region. This biennial project aims to increase the transparency of the fee structures and fee levels in funds, and to create a framework for the regular reporting of fees in funds. The project also aims to increase the understanding of the challenges and limitations the non-listed real estate fund industry faces in analysing and comparing fee structures and levels.

Please contact Jimmy Ong ([email protected]) if you have any enquiries regarding to the fees and terms survey.

ANREV has started data collection for the Management Fees and Terms Study. This study is conducted every 2 years.

The  questionnaire is integrated into the online ANREV Vehicle Data Input Tool. For funds that have participated in previous years, a significant part of the data is prefilled.

Data can also be provided using an excel-based questionnaire. To maintain confidentiality results will be presented at an aggregated level and therefore no individual data will be published. 

We kindly request members to provide data for all your funds by Thursday 31 May.

If you have any queries please contact [email protected]

This study compares the fees associated with the management of non-listed real estate investment funds globally. The report is based on the regional studies conducted by Pension Real Estate Association (PREA) in the US, European Association for Investors in Non-listed Real Estate Vehicles (INREV) and Asian Association for Investors in Non-listed Real Estate Vehicles (ANREV) during spring and summer 2016.

The INREV and ANREV management fee and terms questionnaire was updated in January 2016 to reflect updates to the INREV Fee and Expense guideline module. Updates to the questionnaire are minor and largely reflect alignment in terminology with the INREV guidelines.

This is the fourth study on the fees and terms of non-listed real estate funds investing in the Asia Pacific region. This annual project aims to increase the transparency of the fee structures and fee levels in funds, and to create a framework for the regular reporting of fees in funds. The project also aims to increase the understanding of the challenges and limitations the non-listed real estate fund industry faces in analysing and comparing fee structures and levels.

Please contact Henry Lam ([email protected]) if you have any enquiries regarding to the fees and terms survey.