The performance of INREV Quarterly Fund Index decreased to -0.72% in Q3, down from -0.66% a quarter earlier.
The Q3 2023 release includes 299 funds with a combined GAV of €298.8 billion.
Key highlights:
- After displaying signs of improvement in Q2, UK-focused funds’ performance once again turned negative. At -0.97%, the segment reported the lowest Q3 total return across the four main geographies.
- Industrial/logistics was the only sector to show positive total returns at 0.66%. Office-focused funds displayed the lowest performance, delivering a -0.73% total return.
- The performance of Germany-focused funds softened from 0.55% in Q2 to 0.12% in Q3, the lowest in more than 10 years.
- Core funds outperform.
View detailed analysis via the Index Analysis Tool or download the report, Excel and snapshots below.
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INREV Quarterly Index
Published on 27 Aug 2025
The INREV Index is a performance index for European non-listed real estate funds investing 90% or more in Europe. The information for the quarterly goes back to Q2 2000. The Quarterly Index is published 8 weeks after the end of the quarter, and reports are available in PDF format. The reports cover the performance of non-listed funds in Euro, USD, GBP, JPY, AUD and in Local Currency and are available for members only, please login to download.