The GREFI All Funds Index returned 2.2% over Q3 2017 compared with 2.1% over the previous quarter.
European funds delivered a total return of 2.3%, compared with 2.7% for Asia Pacific and 2.0% for the US. Funds with a global strategy delivered 1.0% total return over the third quarter.
By style, non-core funds outperformed core funds with a quarterly return of 2.8% compared with 2.0% for core. European core funds outperformed US core funds for the fourth quarter in a row with a total return of 2.3% compared with 1.6% in the US.
The GREFI Open End Funds Index returned 2.2%. Asia Pacific open end funds returned 2.6%, outperforming US and European open end funds, which returned 1.9% and 2.5% respectively.
The Global Real Estate Fund Index (GREFI) is jointly produced by INREV, ANREV and NCREIF and measures the performance of non-listed real estate vehicles on a global scale.
The GREFI is an index showing the performance of non-listed real estate funds on a global scale. The GREFI is updated on a quarterly basis and is published 12 weeks following the quarter end.
The aims of the GREFI are to improve transparency of real estate as an asset class and to help our members make better informed investment decisions. As an industry, it is vital that we work towards being able to make robust global and intra-regional comparisons.
This initiative represents the integration of three member-driven non-profit organisations to meet the data collection and information needs of their expanding global activities, and to serve as the basis for further collaboration in the future.