The INREV Quarterly Fund Index delivered a total return of 4.3% in Q4 2021, up from 2.9% recorded in Q3 2021.
The Q4 2021 release includes 321 funds with a combined GAV of €310.4 billion.
Key highlights:
- The record quarterly performance was driven by an 87 bps increase in capital growth and a 48 bps increase in distributed income return
- Both core and value-added strategies reported robust results of 4.4% and 2.7%, respectively. Core strategies powered ahead, widening the performance gap between the two to 163 bps this quarter
- The industrial / logistics and residential sectors outperformed all other single-sector strategies, delivering their strongest quarterly results since the inception of the Index in Q1 2001
- UK-focused funds posted a seventh consecutive quarterly improvement in total returns, outperforming all other single-country strategies in Q4 2021, with Dutch single-country funds in a firm second position
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.