18 July 2016, Amsterdam - The European Association for Investors in Non-Listed Real Estate Vehicles (INREV) has launched new indices measuring the annual and quarterly performance of Spezialfonds, Publikumsfonds and other vehicle types domiciled in Germany. INREV has been supported by the German Investment Funds Association (BVI), who have contributed their data and market insight to the initiative.
The recently-published INREV German Vehicles Index 2016 includes historical BVI data on German-based non-listed real estate vehicles dating back to 2001. Since then the number of vehicles has grown from 25 to 177 as of the end of 2015, with their total net asset value (NAV) more than tripling over that period, from €30.9 billion to €97.8bn.
German-based vehicles have delivered positive total returns in all but one year from 2001 to 2015. The exception was the trough of -0.3% in 2010, largely due to poor returns driven by the liquidation of some Publikumsfonds. Overall returns have since rebounded, reaching 2.7% by the end of 2015.
Spezialfonds, which are only open to institutional investors, significantly outperformed Publikumsfonds over that period, with average annual returns of 3.8% compared with 2.1%. Looking just at 2015 performance, it is clear the current momentum is with Spezialfonds, which returned 5.1% compared to the 2% achieved by Publikumsfonds.
The 2015 results also point to the strength of Germany’s domestic market. Vehicles that invest only in Germany registered an overall return of 5.7%, outperforming those with either a global (4.9%) or a European (1.7%) strategy. Logistics (4.5%) and residential (4.6%) were the best-performing sectors.
Matthias Thomas, CEO of INREV, commented: “We are thrilled to be breaking new ground in terms of the depth of our industry data by introducing the first INREV index that allows vehicle performance to be broken down both by domicile and legal structure. This has only been possible because of the appetite of our members for greater market transparency, so we are pleased to further this important cause and will continue to do so.”
Thomas Richter, CEO of BVI, commented: "We are delighted to have been able to support INREV in order to jumpstart this important initiative. We are also proud to be helping to promote greater transparency in German real estate, especially in the Spezialfonds market."
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For further information please contact:
Aimen Chouchane, inrevteam@firstlightpr.com | +44 (0)7835 900 201
Notes to Editors
About the German Vehicles Index
The first release of the Index (for 2016) includes coverage of 177 vehicles representing aggregate NAV of almost €97.8 billion. As an unfrozen index, the historical information can change.
The Index is based on one main criterion - that the vehicles must be domiciled in Germany. The Index can include all structures and vehicles irrespective of the targeted investment region. It can be further broken down by style, country, structure, legal structure and sector.
INREV members can access an online analysis tool to create customised indices for the German real estate vehicles market.
About INREV
INREV, the European Association for Investors in Non-listed Real Estate Vehicles, was launched in May 2003 to act for investors and other participants in the growing non-listed real estate vehicles sector. The non-profit association is based in Amsterdam, the Netherlands. INREV aims to create a forum for the sector and increase the transparency and accessibility of non-listed vehicles, to promote professionalism and clarify best practice and to share and spread knowledge. INREV currently has 385 members drawn from leading institutional investors, fund managers, banks and advisors across Europe and elsewhere. In 2015, 40 new members joined INREV. For further information, please visit www.inrev.org/
About BVI
BVI represents the interests of the German investment fund and asset management industry. Its 95 members manage assets of some EUR 2.7 trillion in UCITS, AIFs and discretionary mandates. As such, BVI is committed to promoting a level playing field for all investors. BVI members manage, directly or indirectly, the assets of 50 million private clients over 21 million households. BVI’s ID number in the EU Transparency Register is 96816064173-47. For more information, please visit www.bvi.de/en