The Q2 2023 European ODCE Index returned -1.95%, which is 5 bps lower than the -1.90% reported in Q1.
Key highlights:
- At -2.71%, capital growth remained in the negative territory, weighting down the Q2 performance despite an increase in distributed income to 0.76%.
- At the end of Q2 2023, the gross asset value (GAV) of the index stood at €43.8 billion across the 16 participating funds, a €0.1 billion lower than the previous quarter.
- Share of the office sector has been on a decline for twelve consecutive quarters. Now at 36.8% of the index’s GAV, it is still the largest, followed by industrial / logistics with 29.9%.
- The net flows of capital stood at €616 million at the index level, driven by the increase in capital calls. This was an improvement on the €155 million equivalent reported in Q1 2023 but well below the three-year quarterly average of €714 million.
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European ODCE Quarterly Index
Last updated on 13 Mar 2024
The Index is wholly comprised of open end core commingled equity real estate funds that have a strategy to invest across pan Europe and across multiple sectors. Funds must comply with a strict eligibility criteria for four consecutive quarters in a row to be included in the index.