Value-added funds comprise 48% of the total Gross Asset Value (GAV), amounting to €18.3 billion, among the 72 funds scheduled for termination between 2024 and 2033.
According to the INREV Funds Termination Study 2024, published today, funds with a planned termination between 2024 and 2026 returned on average -4.5% by the end of 2023 compared to the 10.8% posted in 2021. Even though funds terminating in the next three years posted negative returns, it is higher than the –6.6% reported for the INREV Annual Closed-End Funds Index by the end of 2023.
Key highlights include:
- In terms of GAV, multi-country funds consistently represent the majority of terminating funds, exceeding 80% of the total GAV in most years analysed.
- Of the 31 funds scheduled for termination between 2024 and 2026, 19 are following a single-sector strategy, collectively representing a Gross Asset Value (GAV) of €12.7 billion.
- The since inception average IRRs of the 2024-2026 terminating funds is 4% or higher.
The INREV Funds Termination Study provides an overview of the funds within the INREV Vehicles Universe which are due to terminate in the following three years and examines the drivers behind the termination of funds and considered termination options among European closed-end non-listed real estate funds.
Download the full report, snapshot and Excel below.
Funds Termination Study 2024
Last updated on 09 Jul 2024