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 from Q1 2005 up to the end of Q4 2025. 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 Q2 2005, now offering more than 15 years of performance across all regions.

Key highlights:

• The GREFI All Funds Index was positive for the sixth consecutive quarter in Q4 2025, delivering a total return of 1.08%, up 20 bps from 0.88% posted in the previous quarter.
• All regions recorded positive performance, with Asia Pacific outperforming the other regions, followed by Europe and then the US.
• The GREFI non-core funds slightly outperformed their core peers, both delivering positive total returns of 1.11% and 1.08% respectively.

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

The Japan Real Estate Market View is part of a new series of short blogs authored by ANREV members, offering focused perspectives on specific real estate markets and sectors across Asia Pacific. Each paper provides timely insights into investment themes and strategic considerations, drawing on the deep expertise of industry practitioners. Further publications in the series will follow, with timelines to be confirmed.

As Japan moves deeper into a late cycle environment, real estate performance is increasingly driven by fundamentals and income growth. In this first blog of ANREV’s new series, Jerry Song from CBRE Investment Management shares insights on sector divergence and evolving investment strategies.

The piece highlights how office and residential markets remain resilient, logistics is entering recovery, and hospitality continues to strengthen, offering a nuanced view of where opportunities lie. It also explores how investors are adapting underwriting approaches in a higher rate environment.

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 Q4 2025 includes 71 closed-end funds across vintages from pre-2005 to 2022.

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

The Asia Pacific Market Insights is a snapshot that compiles perspectives from our research committee to evaluate the market dynamics of the Asia Pacific non-listed real estate sector.  

Key highlights: 

• Currency volatility has significantly distorted fund performance: Over the last four years, foreign exchange fluctuations have caused quarterly swings of up to 8% in the USD-denominated ANREV ODCE Index, masking a period of relative stability where local currency returns averaged 1.4% per quarter.

• Core fund capital inflows are showing signs of recovery: For the first time in a challenging capital-raising environment, net capital inflows into core funds increased by 18% year-on-year in 2025, suggesting a renewed investor interest in core fund opportunities.

• Investors are shifting away from traditional funds toward direct strategies: According to the 2026 Investment Intentions Survey, investors are increasingly looking to decrease their exposure to non-listed funds in favor of more hands-on control through joint ventures and club deals.

For any queries, please contact David Green-Morgan or Sebastian Ramirez.

The ANREV Australia Core Open End Fund Monthly Index (ACOE) saw a total return of 0.27% in February 2026. The ACOE includes 18 funds with a total GAV of AUD 118.81 billion.

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

Please contact Daisy Huang, Karen Yeung, or Christy Lau if you have any questions regarding the Index.

The Q4 2025 ANREV index included data contributions from 72 funds with a total gross asset value of US$141.5 billion.

Key highlights:

• ANREV’s All Funds Index posted a total return of 1.63% in Q4 2025, up 37 bps from the previous quarter.
• Core funds with a total return of 1.87%, outperformed value-added and opportunistic funds which posted 0.29% and 0.16% respectively.
• Australian funds outperformed the wider index and was positive for the fifth consecutive quarter, delivering total returns of 2.37%. While multi-country funds saw a drop in performance by 30 bps, but remained positive at 0.01%.

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 extend our thanks to all of the funds that have 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 2025 ANREV ODCE Asset Level Performance Report posted a total return of 1.36%, comprised of 0.33% capital growth and 1.03% income return. Slightly down 9 bps from 1.45% posted in Q3 2025. The report measures the asset level returns of 249 investments owned by 8 ODCE funds valued at US$19.07 billion as of Q4 2025.

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 10 weeks after quarter end.

Please contact Daisy Huang or Eileen Chiu for any queries.

This report from Yardi and the Association of Real Estate Funds (AREF) offers a data-driven look at how the real estate investment industry is navigating a period of significant transition. Based on in-depth interviews and surveys with senior leaders from firms representing a substantial portion of the UK fund management industry, the research explores how managers are using technology to respond to market repricing, rising costs, and intensifying investor demands . It reveals that while the industry is decisively moving toward data-enabled operating models, maturity levels vary significantly. Key findings highlight that although 88% of firms are trialing AI to automate manual tasks, fragmented data remains a critical challenge, and timely reporting is a top priority for meeting investor expectations .