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1 1 The Association of Real Estate Funds & Property Funds Research Global Real Estate Funds Review H1 216

2 Contents CONTENTS 2 EXECUTIVE SUMMARY 3 UNLISTED FUND UNIVERSE: OVERVIEW (EX FOF) 6 UNLISTED FUNDS OF FUNDS UNIVERSE: OVERVIEW 15 PFR UNIVERSE: REGIONAL BREAKDOWN 17 UK MARKET 17 EUROPEAN MARKET (EX-UK) 21 NORTH AMERICAN MARKET 26 ASIA (INCLUDES AUSTRALASIA) 3 GLOBAL (PAN-REGION) MARKET 35 EMERGING MARKETS 39 Property Funds Research (PFR) collects information on unlisted real estate funds via a number of different sources including; questionnaires, factsheets, manager and investor websites and promotional information, as well as the global real estate, investment and pensions press. The data is entered into the PFR database in real time. All source material, graphs and tables included in this report incorporate data collected up to the end of H The PFR universe has been broken down, to help interpretation, into the following regional geographies: Europe, UK, North America, Asia (inc. Australasia), Emerging Markets (comprising Africa, the Middle East and Latin America) and Global (more than one of these regions) Please note that some gross asset value figures are estimated based on known net asset value, value of property, debt etc. Please also note that the equity committed figures are based on known equity raises and are therefore likely to be lower than the actual equity raised. Where it has not been possible for PFR to put together a complete set of data for some of the funds in the universe, 'not known' has been entered. Funds in the universe are split into those which are live (raised equity) and those that are pending (they are in the marketing stage and are seeking to raise equity). Cover photo: (Kames Capital), AEGON UK Property Fund, POINT, Maidenhead 2

3 Executive summary Overview PFR has information on 2,749 live vehicles in the PFR database and they have a combined estimated GAV of 1.75 trillion 72 fund launches were recorded in the first six months of 216. In comparison a total of 199 funds were launched in 215, significantly less than the 26 funds launched in (39%) of the funds launched in H1 216 were value added, 24 (33%) were core and 19 (26%) were opportunistic. Value add has been the dominant style for funds launched since 29. The average Gross Asset Value (GAV) of infrastructure funds is 1.1 billion, falling to 727 million for diversified funds and 698 million for industrial funds, office funds average at around 55 million The average GAV of a multi-country fund is 845 million compared with 59 million for a single-country fund Diversified funds raised 58% (15.6 billion) of the equity raised in H1 216 compared with 44% (5 billion) in 215. Debt and infrastructure funds have raised 4.9 billion (18%) and 2.5 billion (8%) of equity so far in 216. In the first six months of 216, value added funds raised 1 billion which is equal to 37% of the total equity recorded by PFR for the period, opportunity funds raised equity of 9.6 billion or 35.5% and core funds raised 7 billion or 26% In the first half of 216, European funds accounted for 34% (9.5 billion) of the equity raised compared with 24% (6.5 billion) for Global funds. This is in contrast with what has happened over the last four years when global funds have dominated fundraisings. In 215 they raised over 111 billion, equal to 35% of the total equity raised by real estate funds. North American and European funds were the next big raisers recording 98 billion and 54 billion respectively PFR is aware of 187 pending funds raising for a first close, 62 of which are European (inc UK) and 44 North American. There are 73 diversified pending funds, making up nearly 4% of the total, followed by 32 (17%) debt funds and 31 (16.5%) residential funds. PFR s universe comprises 18 funds of funds; 55 are global, 27 target Europe (inc UK), while just 11 target North America There has been a decline in the number of funds of funds launched. PFR is not aware of any fund of funds being launched since 214 UK Market PFR s UK universe is made up of 184 funds with an estimated GAV of 133 billion 1 UK funds with an estimated GAV of 1.4 billion launched in H1 216, this is matching the figures for the whole of 215 (1 funds with a GAV of 1.2 billion) By number, 65% of UK funds are core in style while 26% and 8% are value added and opportunistic respectively. By GAV, core funds make up 78% (14 billion), value added funds 16% (21 billion) and opportunity funds 3.5% (4.7 billion). 35% of UK funds, by number, and 21% (27.9 billion) by value are Limited Partnerships. Property Unit Trusts are the next most frequently deployed legal structure and these vehicles account for 29% by number but are by far the largest (by value) accounting for 31% (42 billion) of the total estimated GAV. Diversified funds make up 69% (92 billion) of all UK funds by value (56% by number). Retail funds are the most prevalent single-sector fund, at 9% (by value), followed by industrial and office funds at around 4% (5.6 billion and 5.3 billion respectively). By number debt funds account for 9.2% of the UK market 2 UK funds are set to terminate between 216 and 217 and a further 18 by 22, subject to extension provisions 3

4 Diversified and debt funds dominated equity raisings for UK funds in the first half of 216, raising 2.3 billion and 92 million respectively, residential funds were the next most successful fund raisers accounting for 342 million. In total UK funds raised 3 billion of equity in the time period European Market In H1 216 PFR recorded 26 European fund launches with an estimated GAV of 11.3 billion. 53 funds launched in 215, nine less than in the previous year. Over 5% of European funds are core with an estimated GAV of 242 billion, value added funds accounting for 24% (12 billion) and opportunity funds account for 18% (78 billion) Of the 851 European funds in PFR s fund universe, 198 are Limited Partnerships, 128 are Spezialfonds and 13 are Closed Ended Funds 53% of European funds, by number, target a diversified portfolio of assets with an estimated value of 24 billion, 1% target the retail sector (38 billion) and 8% residential properties (3 billion). By value infrastructure is the largest single sector accounting for 43 billion Over half of the European funds target more than one country. Germany has the largest number of single country funds in Europe (ex UK) accounting for 98 funds in the PFR database, Italy has 76 funds and France has 47 funds 169 European funds are domiciled in Germany followed by 152 in Luxembourg, 89 in Italy and 79 in the UK 132 European funds are set to terminate between 216 and 217 with a further 95 by 22 9 billion of equity was raised by European funds in the six months to date, just less than half the 2 billion raised in the whole of % (7 billion) of the equity raised in H1 216 was raised by diversified funds, 11% (1 billion) by debt funds and 7% (677 million) by retail funds North American Market 24 North American funds with an estimated GAV of 2.7 billion were recorded by PFR as having been launched in the first half of the year. In the previous year 81 funds with an estimated GAV of 18 billion were launched, this is slightly down on the 94 funds that launched in 214 Value added funds make up 55% and opportunistic funds 28% of the North American market by number. By GAV, value added funds account for 4% (199 billion) of the North American universe, core funds account for 36% (178 billion) and opportunity funds account for 23% (115 billion). Of the 833 North American funds in PFR s universe with an estimated value of just under 5 billion, 5% are diversified by number (62% by value), 15% invest in the residential sector (7.5% by value) and 12% invest in debt (7.8% by value) In total PFR recorded 6.4 billion of equity having been raised in H1 216, with 47 billion raised in the year 215 Diversified funds have been consistent in equity raisings, making up to 6% (3.9 billion) in H1 216 and 46% (14.5 billion) in 215. Of the single-sector funds, residential funds raised 798 million (12% of equity) and debt funds raised 763 million (11%) in the last six months. 2 North American funds are due to wind-up in and a further 38 are due to close by 22 Asia Market PFR are aware of 1 Asian fund launches in H1 216 with a combined estimated GAV of 1.5 billion, 28 funds launched in 215 with a value of 9 billion. By number, opportunistic funds make up 49% of all Asian funds, falling to 4% by GAV (81 billion). Value added funds account for 27% by number and 21% by value (44 billion), core funds on the other hand account for 35% of 4

5 funds by value (71.6 billion) and only 2% by number. 133 of the 41 Asian funds in PFR s universe are Limited Partnerships, with Property Trusts being the next most popular legal structure There are 196 diversified Asian funds with an estimated GAV of 12 billion in the universe. Of the single-sector funds, retail funds are the next most popular with 18 billion invested, with industrial and infrastructure funds accounting for 16.5 billion and 16.1 billion respectively. 67% of Asian funds are single-country funds Of the single country funds, Australian-domiciled funds account for 3% by number but less than half of that by value (8 billion). India (23%) and China (22%) are the next most popular fund locations, by number. By value the Japanese funds account for 31% (14.8 billion) of the Asian single market funds followed closely by Indian funds with 25% (12 billion) 39 Asian funds are expected to wind-up in and an additional 39 by 22 Asian funds raised 1.5 billion in the first half of 216 and 1.7 billion in 215. Diversified and industrial funds accounted for 34% and 3% of that figure respectively. Global Market 21 global funds launched in 215 with a combined value of 27 billion, three global funds launched in H1 216 By GAV, opportunistic funds make up 53% (242 billion) of global funds and 42% by number. Core funds account for 22% of the global funds (by value and number) and value-added funds 23% by value and 3% by number 223 of the 347 global funds are Limited Partnerships, while 174 funds are domiciled in the US There are 169 global diversified funds with an estimated GAV of 254 billion. By single sector funds infrastructure is the largest with a combined estimated GAV of 119 billion in 68 funds, followed by 3 debt funds with a value of 5 billion 19 global funds are due to terminate in and 13 more by 22 Debt funds dominated fund raisings in H1 216 raising 3 billion (45% of the total equity), followed by infrastructure 2.2 billion (33%) and diversified funds which only account for 1.1 billion (18%). In 215 diversified funds raised over 2.5 billion and 16.5 billion raised by infrastructure funds. Emerging Markets PFR is not aware of an emerging market fund being launched in the first half of 216. Six launches were recorded for 215. Opportunistic funds make up 57% of all emerging market funds by GAV (2 billion) and 52% by number. Value added funds make up 28% and 34% respectively 5 of the 133 emerging market funds are Limited Partnerships and 26 are FIIs There are 64 diversified emerging market funds with an estimated GAV of 15.4 billion, followed by 17 development funds (3 billion) and 11 infrastructure funds (7 billion) 72% of emerging market funds are single-country funds by number and 68% by value Five emerging market funds are set to terminate in and a further 13 by 22 PFR recorded a total equity raise of 37 million by emerging market funds in 216. Diversified funds raised 25 million and development funds raised 62 million. Just under 9 million was raised in

6 Unlisted fund universe: overview (ex FoF) PFR's universe is made up of 3,44 funds; 2,749 live funds, 187 pending funds and 18 funds of funds. Funds of funds have been dealt with in a separate section from the main fund universe to avoid double counting. Figure 1: Total number and total estimated GAV (bn) by launch year bn GAV (bn) Figure 2: Location focus (by number) by launch year Asia Europe Global North America UK MENA 6

7 Figure 3: Style by number and launch year Core Value added Opportunity Not known Figure 4: Style by GAV (bn) and launch year GAV (bn) Core Value added Opportunity Not known 7

8 Figure 5: Target sector (%) Development 3% Retail 5% Securities 2% Other 9% Diversified 51% Residential 9% Office 5% Infrastructure 7% Industrial 4% Debt 8% Figure 6: Target sector by number and estimated GAV (bn) bn 1,2 1, ,6 1,4 1,2 1, GAV (bn) 8

9 Figure 7: Domicile (%) % Figure 8: Target country of single country vehicles by estimated GAV (bn) bn GAV (bn) 9

10 Figure 9: Single/multi-country breakdown by estimated GAV (bn) and number GAV (bn) Singlecountry, 871bn Multicountry, 88bn Singlecountry, 1,79 Multicountry, 1,4 Figure 1: Universe by status (live and pending funds) by number Pending, 166 Live, 2,749 1

11 Figure 11: Legal structure by number 1,4 1,2 1, 8 Figure 12: Legal structure by estimated GAV (bn) bn 1,2 1,

12 Figure 13: Equity raised by target sector (bn) bn Diversified Debt Development Industrial Infrastructure Office Residential Retail Securities Other Figure 14: Equity raised by style (bn) bn Core Opportunity Value added 12

13 Figure 15: Equity raised by location focus (bn) bn Asia Australasia Europe Global North America UK MENA Figure 16: Pending funds by target location

14 Figure 17: Pending funds by target sector

15 Unlisted funds of funds universe: overview Figure 18: Funds of funds by target location and number Figure 19: Funds of funds by target location and launch year Asia Australasia Europe Global North America UK 15

16 Figure 2: Funds of funds by style and number Core Opportunity Value added Not known 16

17 PFR universe: regional breakdown The follow section breaks down the PFR universe by geographic region; Europe, UK, North America, Asia (including Australasia), Global (pan-region funds) and Emerging Markets (Africa, Latin America and the Middle East). UK market Figure 21: Total number and estimated GAV (bn) by launch year bn GAV (bn) Figure 22: Style by number and estimated GAV (bn) bn GAV bn 17

18 Figure 23: Fund legal type by number Figure 24: Target sector by number and estimated GAV (bn) bn GAV (bn) 18

19 Figure 25: Domicile by number Figure 26: Fund terminations by number

20 Figure 27: Equity raised by target sector (bn) Diversified Debt Industrial Infrastructure Office Residential Retail Other 2

21 European market (ex-uk) Figure 28: Total number and estimated GAV (bn) by launch year bn GAV (bn) Figure 29: Style by number and estimated GAV (bn) bn GAV (bn) 21

22 Figure 3: Fund legal type by number Figure 31: Target sector by number and estimated GAV (bn) bn GAV (bn) 22

23 Figure 32: European single country funds by country and number (ex-uk) Ukraine Norway Russia Poland Ireland Denmark Turkey Spain Sweden Austria UK Finland Portugal Netherlands Switzerland France Italy Germany Figure 33: Single/multi-country by estimated GAV (bn) and number bn Singlecountry 386 Singlecountry 159 Multicountry 238 Multicountry

24 Figure 34: Domicile by number Figure 35: Fund terminations by number

25 Figure 36: Equity raised by target sector (bn) Diversified Debt Industrial Infrastructure Office Residential Retail Other 25

26 North American Market Figure 37: Total number of funds and estimated GAV (bn) by launch year bn GAV (bn) Figure 38: Style by number and estimated GAV (bn) bn GAV (bn) 26

27 Figure 39: Fund legal type by number Figure 4: Target sector by number and estimated GAV (bn) bn GAV (bn) 27

28 Figure 41: Single country funds by country and number Canada US Figure 42: Single/multi-country funds by estimated GAV (bn) and number bn Multicountry, Multicountry, 71 Singlecountry, Singlecountry, 762 Figure 43: Domicile by number

29 Figure 44: Fund terminations by number Figure 45: Equity raised by target sector (bn) bn Diversified Debt Industrial Infrastructure Office Residential Retail Other 29

30 Asia (includes Australasia) Figure 46: Total number and estimated GAV (bn) by launch year bn GAV (bn) Figure 47: Style by number and estimated GAV (bn) bn GAV (bn) 3

31 Figure 48: Fund legal type by number Figure 49: Target sector by number and estimated GAV (bn) bn GAV (bn) 31

32 Figure 5: Single country funds by country and number Hong Kong Thailand Singapore Korea Vietnam New Zealand Malaysia Japan China India Australia Figure 51: Single/multi-country by estimated GAV (bn) and number bn Multicountry 71.6 Multicountry, 133 Singlecountry, 127 Singlecountry,

33 Figure 52: Domicile by number Figure 53: Fund terminations by number

34 Figure 54: Equity raised (bn) by target sector bn Diversified Debt Industrial Infrastructure Office Residential Retail Other 34

35 Global (pan-region) market Figure 55: Total number and estimated GAV (bn) by launch year bn GAV bn Figure 56: Style by number and estimated GAV (bn) bn GAV (bn) 35

36 Figure 57: Fund legal type by number Figure 58: Target sector by number and estimated GAV (bn) bn GAV (bn) 36

37 Figure 59: Domicile by number Figure 6: Fund terminations by number

38 Figure 61: Equity raised (bn) by target sector bn Diversified Debt Industrial Infrastructure Office Securities Other 38

39 Emerging Markets Figure 62: Total number and estimated GAV (bn) by launch year bn GAV (bn) Figure 63: Style by number and estimated GAV (bn) bn GAV (bn) 39

40 Figure 64: Fund legal type by number Figure 65: Target sector by number and estimated GAV (bn) bn GAV (bn) 4

41 Figure 66: Single country funds by country and number Other UK Mexico Luxembourg Chile Mauritius US Costa Rica South Africa Cayman Islands Not known US (Delaware) Brazil Figure 67: Single/multi-country breakdown by estimated GAV (bn) and number bn Multicountry, 11 Multicountry, 37 Singlecountry, 23 Singlecountry, 96 41

42 Figure 68: Domicile by number Figure 69: Fund terminations by number

43 Figure 7: Equity raised (bn) by target sector bn Development Diversified Industrial Office Residential Retail Other Disclaimer While the utmost care has been taken in the preparation of this document, certain information may be not accurate or may be based upon certain assumptions, forecasts, and analysis as at the date of publication. Property Funds Research does not accept responsibility to any person relying on the information for any purpose. The material does not constitute a solicitation or recommendation to purchase or sell any financial instruments and the parties can under no circumstances be held liable for any damage, direct or indirect, resulting from reliance on this information. The material in this report remains the property of The Association of Real Estate Funds and Property Funds Research. Any reproduction or distribution of this report, in whole or in part, without our prior written consent is prohibited. Unless otherwise stated the source of all information is: Source: Property Funds Research, September

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