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European non-listed real estate reports significant downturn in performance in response to weaker market environment

Capital growth falls to lowest level since the global financial crisis 15 March 2023, Amsterdam – The INREV Quarterly Fund Index Q4 2022 reveals a significant downturn in performance, as real estate prices adjust to reflect the weaker economic environment. Capital growth fell sharply to -7.24%, a quarter-on-quarter decline of -523 bps, the lowest level recorded since the global financial crisis (GFC). European non-listed real estate delivered a total return of -6.19% in the fourth quarter. The speed of correction...

Funds with multi country and/or multi sector strategies show highest total global expense ratios

19 October 2022, Amsterdam – According to the INREV Management Fees & Terms Study 2022, published today, the average total global expense ratio (TGER) for European non-listed real estate funds based on gross asset value (GAV) was 0.95%. However, there is considerable variation based on key fund characteristics. Funds with a multi-country and/or multi-sector strategy command higher TGERs than those focused on a single country or sector. No doubt the increased operational costs associated with managing assets in different jurisdictions and across sectors account for a large part of the differential.

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Mounting risks prompt slowing of European non-listed real estate performance in Q2 2022

Market performance and capital growth slowed in Q2, but remained in positive territory 16 September 2022, Amsterdam – The INREV Pan-European Quarterly Asset Level Index has revealed a decline in performance for the European non-listed real estate market in Q2 2022. Delivering a total return of 2.69%, performance was significantly lower than the previous quarter when total returns amounted to 4.01%. The decline in performance comes as a result of reduced levels of capital growth in the quarter, falling to 1.86% from the 3.15% delivered in Q1 2022. Although remaining in positive territory, this rapid slowdown reflects an equally sharp decline in sentiment and hesitancy among investors and managers as risks mount. Rising interest rates, high inflation, and the energy crisis as the war in Ukraine continues, are just some of the risks market players are currently concerned about.

European real estate funds set to release €9.6 billion of assets over next three years

34 funds expect to terminate between 2022 and 2024 Liquidation replaces extension as preferred termination option 30 August 2022, Amsterdam – According to the INREV Funds Termination Study 2022, 34 European closed end, non-listed real estate funds will terminate between 2022 and 2024. As a result, €9.61 billion of gross asset value (GAV) could be pumped back into the market. This compares with just over €10 billion identified for 2021 to 2023, in last year’s study. By 2031, 90 funds...

Funds of funds achieve record high returns of 12.4% in 2021

Funds of funds rose to record high €52.6 billion AUM in 2021, delivering a positive net return for nine consecutive years 13 July 2022, Amsterdam – According to the ANREV / INREV Funds of Funds Study 2022, published today, funds of funds achieved the highest returns since the study began in 2007, following a year of strong performance. Similarly, the ANREV / INREV / NCREIF Fund Manager Survey 2022 demonstrates a year of increased investor appetite for the segment, with assets under management (AUM) by funds of funds surging to a record high of €52.6 billion. Both studies showcase the benefits of scale and diversification that funds of funds offer.

INREV and ULI launch joint DEI paper 

INREV and ULI Europe have today published a short paper focusing on DEI challenges, progress and initiatives of market participants across Europe. The paper combines data from a joint global survey on DEI undertaken by seven leading industry associations (ANREV, INREV, NAREIM, NCREIF, PREA, REALPAC and ULI) together with Ferguson Partners in December 2021, alongside additional interviews with leading DEI professionals, including senior fund managers, leading HR practitioners, dedicated DEI experts and CEOs. Below are the key takeaways and themes...