The second release of the INREV Living Fund Index delivered a total return of 1.63% in Q4 2025 and the composition expanded by eight additional funds compared to the first release.
This release includes 49 vehicles with a combined GAV of €63.6 billion as of Q4 2025.
Key highlights:
- The Dutch-focused funds, representing 55.5% of the Index by GAV, delivered a positive total return of 2.15% in Q4, outperforming the other geographical strategies
- Residential funds delivered a total return of 1.77%. They notably exceeded the student housing-focused funds’ performance of -0.22% in Q4
- Core funds delivered a total return of 1.73% this quarter and outperformed their value-added peers for the sixth consecutive quarter.
View a detailed analysis via the Living Fund Index Analysis Tool or download the report, Excel and snapshots below.
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INREV Living Fund Index
Published on 03 Mar 2026
The INREV Living Fund Index is a quarterly index which measures the net asset value performance of commingled European non-listed Living real estate funds targeting institutional investors.