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The world's three leading non-listed property funds associations, Asia's ANREV, Europe's INREV and America's NCREIF, are to launch a new Global Fund Index to measure real estate fund performance worldwide for the first time.
“This is a great initiative," said Patrick Kanters, INREV Chairman and MD of Global Real Estate at the giant Dutch investment group APG Asset Management. "A global index will have far-reaching benefits for the whole industry – particularly in terms of establishing universal performance benchmarks and standardisation, which is a major focus for INREV. It will also help with specific issues such as improving asset liability modelling.”
The new index will have a potential of around 670 funds with a total gross asset value of €519bn, the associations said in a release. It will reflect a large investment universe and allow non-listed real estate to be analysed and compared against other asset classes in addition to offering valuable new insights for investors and asset allocation. Regional fund indices have been in place for several years at NCREIF and INREV, and an inaugural Asian fund index was launched by ANREV in 2011.
“The aim of this important new initiative is to improve transparency of real estate as an asset class and to help our members make more informedinvestment decisions," said NCREIF Chairman Mark Roberts, MD at Deutsche Bank's RREEF Real Estate. "It is vital, as an industry, that we work towards being able to make more robust global and intra-regional comparisons.”
Added Willem de Geus, Singapore-based MD of Morgan Stanley Real Estate and Deputy-Chairman of ANREV: “The majority of large institutional investors already invest globally or have the intention to do so and in addition many are members of our three organisations. It makes sense for us to work towards a global index which we believe will be of great value and use to both our membership base and the wider industry.”
ANREV and INREV are the Asian and European Associations for Investors in Non-listed Real Estate, based, respectively, in Singapore and Amsterdam. The National Council for Real Estate Fiduciaries (NCREIF) is the equivalent US association, based in Chicago. A working group has been formed with representatives from all three bodies to guide the process of creating the index, and aims to present initial results at the ANREV Annual Conference in Hong Kong in October, and the NCREIF Fall Conference in Florida in November.
Fonte : Property Investment Europe ( www.pie-mag.com)
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