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Returns slide further into negative territory in Q4

Performance of the INREV Quarterly Fund Index fell to -1.70% in Q4, down from -0.56% a quarter earlier.

The Q4 2023 release includes 300 funds with a combined GAV of €289.7 billion.

Key highlights:

  • At -2.30%, office funds marked the lowest total return amongst single sector specialists in Q4, and reported the weakest capital growth since the GFC at -4.83%.
  • Retail is the only sector to display a positive one year rolling total return, at 0.15%.
  • After short-lived recovery in Q3, Nordic funds’ performance turned negative (-3.99%), underperforming other geographies. The one year rolling capital growth stood at -12.05%.
  • Value added funds’ performance deteriorated from -0.99% in Q3 to -3.23% in Q4, widening the performance gap with core funds to 164 bps.

View detailed analysis via the Index Analysis Tool or download the snapshot, report and Excel below.

INREV Quarterly Index  

Last updated on 21 May 2024

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.