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This is the first in a series of academic papers that INREV will publish. Going forward INREV plans to invite the academic community to research the European non-listed real estate market in more detail.

This paper aims to provide a better understanding of the key drivers of European non-listed real estate funds performance, which in turn will aid portfolio managers in making more informed investment decisions. It also seeks to understand the extent to which stock selection and management skills contribute to a fund’s total return, outperformance and risk adjusted performance. This academic paper has been written by Franz Fuerst (University of Cambridge), Wayne Lim (University of Cambridge) and George Matysiak (Master Management Group & Cracow University of Economics).

INREV is the European Association for Investors in Non-Listed Real Estate Vehicles. We are Europe’s leading platform for the sharing of knowledge on the non-listed real estate industry.

We asked Patrick Kanters to explain WHY invest in non-listed real estate vehicles. 

At INREV, we are committed to making non-listed (unlisted) vehicles an obvious part of the overall real estate as well as Alternative Asset Class mix.

• Non-listed vehicles help to diversify a real estate portfolio
• They provide access to a much wider range of sectors and specific markets
• They give investors access to specific management expertise and allow for bespoke strategies and governance structures

The key thing is that investment in non-listed vehicles can be made with the same level of assurance as any other real estate investment.

If you missed the live webinar on AIFMD Authorisation and Operation, you can now view it online.

This webinar is only available for members.

This webinar, led by Jeff Rupp, Director of Public Affairs, brings clarity and guidance on authorisation requirements, reporting to investors, reporting to regulators and operational challenges.

The slides in the presentation can be viewed in high resolution by clicking on HD while playing the video, and changing to full screen.

Investing in non-listed (unlisted) vehicles is really no different than any other kind of investment.

• Set an investment strategy – reflecting your risk and return expectations, liquidity requirements and investment timetable
• You then execute against that strategy – by choosing the right investment vehicle, style, structure and fund manager
• And then you monitor and report on the progress of the investment

There is nothing inherently more risky about non-listed investments. On the contrary – they are a proven way of diversifying risk and bringing new sources of return to a portfolio.

INREV is the European Association for Investors in Non-Listed Real Estate Vehicles. We are Europe’s leading platform for the sharing of knowledge on the non-listed real estate industry. 

To find out HOW to invest in non-listed real estate vehicles, watch a short interview with Eric Adler.

INREV is the European Association for Investors in Non-Listed Real Estate Vehicles. We are Europe’s leading platform for the sharing of knowledge on the non-listed real estate industry.

To find out WHAT non-listed real estate vehicles are and WHY they are important watch a short interview with Patrick Kanters. 

INREV is the European Association for Investors in Non-Listed Real Estate Vehicles. We are Europe’s leading platform for the sharing of knowledge on the non-listed real estate industry.

To find out more about INREV watch a short interview with Patrick Kanters. 

This webinar provides a practical insight into current debt investment strategies.

As the current financial downturn has put an increased pressure on the traditional lenders players, this webinar, led by Amy Aznar, Head of Debt Investment and Special Situations at Lasalle Investment Management, will provide you with an update on the new debt investment strategies as they emerge as viable options for investors.

The slides in the presentation can be viewed in high resolution by clicking on HD while playing the video, and changing to full screen.

The 2013 ANREV Index covers the performance of Asian Pacific non-listed real estate funds.
Japan recovery

The results of the ANREV Annual Index show that Asia Pacific non-listed real estate funds performance has improved compared to 2012. The All Funds Index returned 9.2% in 2013 compared with 7.7% in 2012.

Looking at styles, opportunity funds outperformed core funds in 2013 at 10.9% and 9.1% respectively driven by very strong performance in Q4 2013.

In terms of geographies, single country funds in Japan and China were strong performers compared to multi country funds (7.2%): Japan funds returned 9.4% compared to a negative return in 2012 (-1.0%) and China funds returned 13.7% compared to a 1.6% return in 2012. Note that the coverage of China funds improved as we have now 10 funds included in the sub-index.

In this release, we have introduced two new sub-indices, by structure and by sector. The structure subindices shows that open end funds outperformed closed end funds in 2013, which was not the case in 2012. And single sector funds outperformed multi sector funds in 2013.”