German spezialfonds’ performance turned positive in Q4
- Spezialfonds outperformed Publikumsfonds after eigh consecutive quarters of underperforming, with 0.20% and 0.07%, respectively.
- The funds focused on Europe excluding Germany continued to outperform the other geographies in Q4 2024.
- At -0.07%, the Germany focused funds confirmed the negative momentum.
- All single sector specialist funds delivered positive results with residential outperforming in Q4 2024 (0.30%). Retail focused funds saw the largest change in Q4 with an increase of 117 bps to 0.21%.
Analyse data
The German Vehicles Index Analysis Tool allows members allows members to slice and dice the INREV German Vehicles Annual Index and INREV German Vehicles Quarterly Index universe. Members can create their own tailored indices, as well as compare their vehicles against INREV indices or customised indices.
Performance measurement
The German Vehicles Annual and Quarterly Indices measure net asset value performance of non-listed real estate vehicles domiciled in Germany on an annual and quarterly basis, respectively. Performance is measured net of fees and costs at investment vehicle level.
Performance is calculated using the Modified Dietz methodology. This methodology is used to calculate annual and quarterly net asset value vehicle performance. Further information can be found in the Index Guide below.
Related downloads
INREV Index Guide 2019
Last updated on 21 Feb 2025
This guide provides a detailed overview of INREV’s suite of indices and their specific characteristics.
Data collection
The INREV German Vehicles Index is built on the data contributed by our members, making it a critical benchmark for the non-listed real estate industry. By sharing your performance data, you play a key role in strengthening market transparency and enhancing the accuracy of our indices.
How to provide data
For each fund, click on "+Add financial period data", provide the required information for the quarter and sign off the data once you are satisfied with its accuracy. Eligible vehicles may be included in the INREV Vehicle Universe, INREV Index, German Vehicles Index, European ODCE Index or INREV IRR Index.
Data validation
Data validation is carried out in a three-step process:
- Systems based validation – the system uses rules-based algorithm to validate data
- Member approval – the member needs to approve information before submission to INREV
- INREV verification – the INREV team verifies information before inclusion to the database
Data confidentiality
INREV will not disclose or share any fund level data provided by any company without the explicit approval of that company.
INREV will only use data provided by any company in a composite where the vehicle and manager are not identifiable.
For any questions or updates, contact research@inrev.org.
General Questions
What are the German Vehicles Annual and Quarterly Indices?
The German Vehicles Annual Index and German Vehicles Quarterly Index that cover the performance of Germany domiciled real estate investment vehicles.
The performance is reported on an annual basis for the German Vehicles Annual Index publication and on quarterly basis for the German Vehicles Quarterly Index publication.
Do you have to be an INREV member to be part of the index?
Data contribution to the German Vehicles Annual Index and German Vehicles Quarterly Index is on a voluntary basis, both INREV members and non members can provide data for the indices.
Access to the German Vehicles Index publications and the German Vehicles Analysis Tool, is available to memebrs only.
Who can join the German Vehicles Annual Index and the German Vehicles Quarterly Index?
Fund managers with an investment vehicle domiciled in Germany are welcome to participate in the indices by providing their vehicle data via the Data Platform.
No fees are requested to participate in the Index.
Can we see the individual vehicle performance data available in your platform?
No. Performance data is only available at an aggregate level. Individual vehicle performance data is never disclosed and cannot be accessed by any external party.
How can we join the Index?
To join the Index please contact data@inrev.org.
Index specifications
What are the criteria for German Vehicles Index inclusion?
The German Vehicles Index includes the following assets:
- Vehicles domiciled in Germany only
- Both retail and institutional vehicles
- All styles are included, core, value added and opportunity
- All vehicles are included, funds, separate accounts, joint ventures and club deals
- The Annual Index includes annually, bi-annually and quarterly valued vehicles
- The Quarterly Index includes quarterly valued vehicles
Is the index frozen or unfrozen?
The German Vehicles Indices are unfrozen indices, which means that historical data can change with future updates.
Can this index be used for derivatives?
The German Vehicles Annual and Quarterly Index cannot be used for derivatives, due to the Benchmarks Regulation (BMR) which entered into effect on 1 January 2018
What type of data are the index results based on?
The Index results are based on vehicle level data that is provided to INREV directly by fund managers. INREV does not use publicly available information, and both INREV members and non members can provide data for the indices. Due to tight reporting deadlines, some data, eg quarterly NAV, might be provided on a provisional basis for a given quarter and will be finalised in the next quarter.
The German Vehicles Annual Index includes annually, bi-annually and quarterly valued vehicles.
The German Vehicles Quarterly Index includes only quarterly valued vehicles.
What happens when a member stops contributing data, would their vehicle data remain in the index?
When a member stops contributing their data to the Index, this data will remain in the Index ending at the last date of contribution. As with other INREV indices, the historical data will be kept in the index to ensure continuity.
Is the index equally weighted or value weighted?
German Vehicles Index is value weighted, meaning that larger vehicles have bigger impact on the performance of the index.
What is the frequency of data reported in this index?
German Vehicles Annual Index includes vehicles that are reported on a quarterly, semi-annual and annual basis.
German Vehicles Quarterly Index includes vehicles that are reported on a quarterly basis.
What are the confidentiality rules for this index?
Performance for any index or sub-index is reported only when the sample includes at least 3 vehicles from 3 different companies.
How is currency conversion dealt with when calculating returns?
To calculate aggregate returns, a local currency methodology is used. All figures that are reported in currencies other than the Euro are converted using the exchange rate of the first day of the quarter for the quarterly indices or the first day of the year for the annual indices. This is to ensure that no currency effect is taking place at a fund level. Please note that the currency fluctuations that take place at a property level are embedded in the fund reported values and are outside the scope of local currency conversion.
If I wanted specific data on a certain region, can I do this with the INREV Indices?
Yes, from vehicle allocation to performance measurement, our analysis tool allows peer-to-peer and market comparison. INREV members have access to our German Vehicles analysis tool which allow members to slice and dice and make their own tailored indices.
Does INREV collect historical data?
INREV encourages fund managers to provide the historical and current data of their vehicles. The research and market Information team can support and facilitate historical data collection. To provide data, please contact data@inrev.org.
How is data collected?
Data is collected via the Data Platform, where members are able to update their vehicles using a user-friendly interface. The system runs validations to ensure the quality of the data received.
Members are asked to approve data before submission to INREV.
When should we provide and update the data?
Annual-Data collection starts immediately after a year has ended for a period of up to 12 weeks.
Quarterly Data collection starts immediately after a quarter has ended for a period of up to 6 weeks.
Funds can provide estimates if final data are not available by the deadline. In this case, provided data can be amended after the publication date and will be restated in the next publication.
When was the Index launched and when does the data date back to?
The German Vehicles Annual and Quarterly Indices were launched in 2016 along with an accompanying index analysis tool with the support of BVI, the German Investment Funds Association.
The German Vehicles Annual Index is now published on the first Wednesday of May each year. The history of the Index dates back to 2001.
The German Vehicles Quarterly Index is now published 9 weeks after quarter end. The history of the Index starts at Q2 2000.
What currency is required for data submission?
Data are reported in vehicle’s reporting currency.
Latest publications and downloads
German Vehicles Quarterly Index
Last updated on 05 Mar 2025
The INREV German Vehicles Quarterly Index covers the performance of non-listed real estate vehicles domiciled in Germany on a quarterly basis.
The All German Vehicles Quarterly Index can be further broken down by style, country, structure, legal structure and sector.
German Vehicles Annual Index
Last updated on 30 Apr 2024
The INREV German Vehicles Annual Index covers the performance of non-listed real estate vehicles domiciled in Germany on an annual basis.
INREV Index Guide 2019
Last updated on 21 Feb 2025
This guide provides a detailed overview of INREV’s suite of indices and their specific characteristics.