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Non-listed real estate returns hit nine-year high

1 June 2016, Amsterdam The performance of non-listed real estate accelerated in 2015, with total returns up to 9.7%, from 8% in 2014, according to INREV’s latest Annual Index.

Last year’s total return is the highest seen since 2006. Overall returns were boosted by the particularly strong performance of value added funds, which rose to 14.2%. Core funds also registered an improved return of 9%, while closed end (10.7%) slightly outperformed open end funds (9.3%).

Once again the UK topped the performance list of country-specific funds, although the overall return was down to 12% from 16.7% in 2014. Dutch funds climbed into second place following a significant improvement from the 3.4% recorded last year to 9.6% this time around. French funds followed in third with 8.8%, and German funds were fourth with 7.4%.

Finnish (up from -1.1% in 2014 to 7.2% in 2015), Nordic (from 3.9% to 10.6%), Southern European (from -1.1% to 6%) and Italian funds (from -5.2% to 2.2%) were amongst the other top improvers.

Single-sector strategies saw good returns, the best of which was achieved by Industrial and Logistics funds, at 15.9%. Office returned 10.1%, retail 10%, and residential 9.7%.

Commenting on the results, Henri Vuong, INREV’s Director of Research and Market Information, said: “European non-listed real estate has recovered well following the financial crisis, and our latest Index shows the industry is in good health. It’s particularly encouraging to see that positive returns weren’t limited to just the biggest markets, in fact all the fund types we tracked were in the plus column last year.”

“There has been a lot of speculation recently about where we are in the cycle. Although the overall return for 2015 was the highest in nine years, the 2006 peak was closer to double this figure. We are unlikely to see a similar high point in the medium term, suggesting that lessons have been learned and the industry’s long-term trajectory is more sustainable,” Vuong concluded.

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For further information please contact:

Aimen Chouchane, aimen.chouchane@firstlightpr.com, +44 (0) 20 3617 7239
Justin St Clair-Charles, justin.scc@firstlightpr.com, +44 (0) 20 3617 7233

Notes to Editors

About the INREV Annual Index

The INREV Annual Index measures non-listed real estate fund performance based on annual net asset values (NAVs).

The INREV Annual Index was launched in 2004 and includes historical data from 2001. Only core and value added funds are included. All returns are in local currency, which means that exchange rate fluctuations have been stripped out. The Index is frozen, which means that historical results will not be restated in future publications.


INREV, the European Association for Investors in Non-listed Real Estate Vehicles, was launched in May 2003 to act for investors and other participants in the growing non-listed real estate vehicles sector. The non-profit association is based in Amsterdam, the Netherlands. INREV aims to create a forum for the sector and increase the transparency and accessibility of non-listed vehicles, to promote professionalism and clarify best practice and to share and spread knowledge. INREV currently has 384 members drawn from leading institutional investors, fund managers, banks and advisors across Europe and elsewhere. In 2015, 40 new members joined INREV. For further information, please visit http://www.inrev.org