INREV QUARTERLY INDEX COMPILED AND CALCULATED BY INREV

Transcription

1 INREV QUARTERLY INDEX COMPILED AND CALCULATED BY INREV INREV Quarterly Index August

2 AUGUST DISCLAIMER The INREV Index is a distillation of information provided to INREV by non-listed property vehicles in order to give a view on the performance of the European non-listed property funds market over a particular period of time. It provides (and is only intended to provide) general information on any particular market featured. The INREV Index does not represent or contain investment information on, or constitute advice in respect of specific funds or investments, nor should it be used as a basis for investment decisions. These are matters on which specific professional advice should be taken. To any person provided with information from the INREV Index by a fund manager, please be aware that the information yielded in the Fund Performance section reflects the benchmark criteria selected by the named fund manager and may not be representative of the fund s performance on any other basis. We receive the information used to create the Index in good faith from a number of fund managers. As each fund manager may have compiled the information under a different accounting standard, the Index does not provide information in accordance with a particular accounting standard. We are not in a position to confirm its accuracy or completeness or whether it is representative of any particular market. INREV has not verified the information it has received. We do not accept responsibility for any loss which may arise from any use of or reliance on the INREV Quarterly Index or its contents by INREV Members or any third parties. Copyright and Database right Vereniging INREV. All rights reserved. INREV and the figurative INREV sign are Community trade marks.

3 AUGUST CONTENTS INTRODUCTION 1 ALL FUNDS INDEX 2 CORE FUNDS INDEX 3 VALUE ADDED FUNDS INDEX 4 FINNISH FUNDS INDEX 5 FRENCH FUNDS INDEX 6 GERMAN FUNDS INDEX 7 ITALIAN FUNDS INDEX 8 NETHERLANDS FUNDS INDEX 9 UNITED KINGDOM FUNDS INDEX 10 MULTI-COUNTRY FUNDS INDEX 11 CENTRAL & EASTERN EUROPEAN FUNDS INDEX 12 CONTINENTAL EUROPEAN FUNDS INDEX 13 NORDIC FUNDS INDEX 14 SOUTHERN EUROPEAN FUNDS INDEX 15 WESTERN EUROPEAN FUNDS INDEX 16 PAN-EUROPEAN FUNDS INDEX 17 CLOSED END FUNDS INDEX 18 OPEN END FUNDS INDEX 19 OFFICE FUNDS INDEX 20 RETAIL FUNDS INDEX 21 INDUSTRIAL/LOGISTICS FUNDS INDEX 22 RESIDENTIAL FUNDS INDEX 23 MULTI-SECTOR FUNDS INDEX 24 TOTAL RETURNS IN LOCAL CURRENCY TOTAL RETURNS IN EURO TOTAL RETURNS IN US DOLLAR TOTAL RETURNS IN BRITISH POUND TOTAL RETURNS IN JAPANESE YEN TOTAL RETURNS IN AUSTRALIAN DOLLAR INREV INDEX SPECIFICATION THE ONLINE INREV INDEX ANALYSIS TOOL 39 CONTRIBUTORS INREV INFO 43

4 AUGUST INTRODUCTION Welcome to the INREV Quarterly Index Release of August, which covers the performance of European non-listed real estate funds in. For this release, 258 funds participated. INREV produces an overall INREV Index which covers the performance of all funds participating. In addition, sub-indices are available for style, country, structure and sector level.. All indices are also available on Bloomberg (Ticker:INRV). INREV members are able to analyse the INREV Index in more depth on the INREV website using the INREV Index Analysis Tool. More information about this online tool can be found at the end of the Index release. NOTE: The INREV Quarterly Index is unfrozen which means that historical information can change. For this release, a substantial number of new funds joined the Index since. Additionally, some funds made changes to their data. This could result in some differences in the returns compared to the previous release (May ). This is especially the case for the All Funds Index, Funds Index, Multi-Country Funds index, Continental European Funds Index and the Open End Funds Index. INREV INDEX WILL BE LAUNCHED IN 2014 STYLE COUNTRY STRUCTURE SECTOR CORE SINGLE COUNTRY MULTI- COUNTRY REGIONAL STRATEGY CLOSED END SINGLE SECTOR MULTI- SECTOR VALUE ADDED FINLAND CENTRAL AND EASTERN EUROPE OPEN END OFFICE OPPORTUNITY FRANCE CONTINENTAL EUROPE RETAIL GERMANY NORDIC INDUSTRIAL/ LOGISTICS ITALY SOUTHERN EUROPE RESIDENTIAL NETHERLANDS WESTERN EUROPE UNITED KINGDOM PAN-EUROPE 1

5 AUGUST ALL FUNDS INDEX % Total return in local currency 0% - 12 months* ** 3 yr*** Total Return (%) 0,3-1,09% 0,5 0,7 0,47% -0,54% 3,64% Capital Growth (%) -0,3-2,26% -0,08% -0,08% -2,7-3,67% 0,29% Income Return (%) 0,6 1,17% 0,6 0,8 3,26% 3,2 3,34% # of funds Gearing (% of GAV) 33,16% 33,0 33,38% 32,75% *12 months rolling ** calendar year ***3 year annualised calendar year COMPOSITION BY STYLE* (# OF FUNDS) COUNTRY ALLOCATION (% OF GAV)* TOTAL GAV BILLION United Kingdom 29% 7 Value Added 25% 4% 6% 2 16% Netherlands Germany France Switzerland Sweden 1 1 Finland Other/not reported 2

6 AUGUST CORE FUNDS INDEX % Total return in local currency 0% 12 months* ** 3 yr*** Total Return (%) 0,38% -0,59% 0,65% 0,58% 1,0 0,3 4,05% Capital Growth (%) -0,2-1,7 0,06% -0,2-2,09% -2,68% 0,70% Income Return (%) 0,6 1,14% 0,58% 0,79% 3,16% 3,07% 3,3 # of funds Gearing (% of GAV) 29,08% 28,26% 28,65% 29,19% *12 months rolling ** calendar year ***3 year annualised calendar year COMPOSITION BY STRUCTURE* (# OF FUNDS) COUNTRY ALLOCATION (% OF GAV)* TOTAL GAV BILLION United Kingdom 66% 34% Closed end Open end 8% 20% 10% % Netherlands Germany France Switzerland Sweden Finland Other/not reported 3

7 AUGUST VALUE ADDED FUNDS INDEX % Total return in local currency 0% % 12 months* ** 3 yr*** Total Return (%) 0,00% -3,40% -0,0 1,44% -2,0-4,44% 1,7 Capital Growth (%) -0,7-4,7-0,77% 0,55% -5,6-8,08% -1,6 Income Return (%) 0,7 1,3 0,77% 0,89% 3,75% 3,85% 3,36% # of funds Gearing (% of GAV) 46,57% 49,6 48,96% 46,0 *12 months rolling ** calendar year ***3 year annualised calendar year COMPOSITION BY STRUCTURE* (# OF FUNDS) COUNTRY ALLOCATION (% OF GAV)* TOTAL GAV 30.2 BILLION United Kingdom 1 Closed End Open End 36% 2 1 France Germany Sweden Portugal 89% 5% 5% 5% 6% 8% Poland Finland Other/not reported 4

8 AUGUST FINNISH FUNDS INDEX 5% % Total return in local currency 4% 0% months* ** 3 yr*** Total Return (%) 1,30% 3,9 2,57% 1,7 9,84% 9,1 6,6 Capital Growth (%) 1,2 1,0 1,5 0,05% 3,87% 2,77% 0,8 Income Return (%) 0,08% 2,90% 1,04% 1,67% 5,80% 6,2 5,74% # of funds Gearing (% of GAV) 59,25% 56,44% 55,65% 56,30% *12 months rolling ** calendar year ***3 year annualised calendar year COMPOSITION BY STYLE* (# OF FUNDS) SECTOR ALLOCATION (% OF GAV)* TOTAL GAV 1.8 BILLION 4% 4% Office 57% 4 Value Added 2 4 Industrial / Logistics Retail 30% Hotel Other/not reported 5

9 AUGUST FRENCH FUNDS INDEX % Total return in local currency 7% 6% 5% 4% 0% months* ** 3 yr*** Total Return (%) 0,57% -2,4 1,30% 1,6 1,0-0,4 5,34% Capital Growth (%) -0,80% -5,14% 0,39% 0,9-4,66% -6,76% 1,08% Income Return (%) 1,37% 2,7 0,9 0,7 5,8 6,6 4,17% # of funds Gearing (% of GAV) 47,26% 47,50% 37,2 40,17% *12 months rolling ** calendar year ***3 year annualised calendar year COMPOSITION BY STYLE* (# OF FUNDS) SECTOR ALLOCATION (% OF GAV)* TOTAL GAV 3.3 BILLION 38% 4% 10% 36% Office Retail Industrial / Logistics Value Added 1 Residential 6 Health Care 34% Aged care Other/not reported 6

10 AUGUST GERMAN FUNDS INDEX 4% % Total return in local currency 0% 12 months* ** 3 yr*** Total Return (%) 0,95% -0,1 0,8 1,0 2,70% 2,04% 3,24% Capital Growth (%) 0,4-1,14% 0,2-0,5-1,0-1,05% -0,57% Income Return (%) 0,55% 1,0 0,58% 1,55% 3,74% 3,10% 3,8 # of funds Gearing (% of GAV) 47,44% 44,5 46,3 39,27% *12 months rolling ** calendar year ***3 year annualised calendar year COMPOSITION BY STYLE* (# OF FUNDS) 14% Value Added SECTOR ALLOCATION (% OF GAV)* TOTAL GAV 5.7 BILLION Residential 1 1 7% 3 Retail Health Care Office Parking 86% 3 Industrial / Logistics Other/not reported 7

11 AUGUST ITALIAN FUNDS INDEX % Total return in local currency 0% months* ** 3 yr*** Total Return (%) -0,6-1,37% -0,29% -0,84% -3,08% -3,30% 0,4 Capital Growth (%) -1,76% -2,7-0,80% -1,26% -6,40% -6,85% -4,7 Income Return (%) 1,15% 1,36% 0,5 0,4 3,47% 3,74% 5,3 # of funds Gearing (% of GAV) 54,47% 54,37% 56,48% 54,67% *12 months rolling ** calendar year ***3 year annualised calendar year COMPOSITION BY STYLE* (# OF FUNDS) SECTOR ALLOCATION (% OF GAV)* TOTAL GAV 1.5 BILLION 7% Office 38% 16% Retail 6 Value Added 24% 5 Industrial / Logistics Other/not reported 8

12 AUGUST NETHERLANDS FUNDS INDEX % Total return in local currency 0% - 12 months* ** 3 yr*** Total Return (%) -0,1-0,0-0,18% -0,06% -0,39% 0,0 1,5 Capital Growth (%) -0,88% -1,15% -0,88% -1,4-4,26% -3,75% -2,59% Income Return (%) 0,76% 1,1 0,70% 1,36% 4,00% 3,88% 4,20% # of funds Gearing (% of GAV) 15,5 15,97% 16,2 16,4 *12 months rolling ** calendar year ***3 year annualised calendar year COMPOSITION BY STYLE* (# OF FUNDS) Value Added 97% SECTOR ALLOCATION (% OF GAV)* TOTAL GAV 19.0 BILLION 14% 25% 5% 54% Residential Retail Office Industrial / Logistics Other/not reported 9

13 AUGUST UNITED KINGDOM FUNDS INDEX % Total return in local currency 7% 6% 5% 4% 0% months* ** 3 yr*** Total Return (%) 0,17% -0,36% 0,6 1,59% 2,0 0,3 6,8 Capital Growth (%) -0,56% -1,17% -0,07% 0,9-0,88% -2,65% 3,69% Income Return (%) 0,7 0,8 0,69% 0,67% 2,9 3,0 3,06% # of funds Gearing (% of GAV) 15,87% 17,0 17,0 14,17% *12 months rolling ** calendar year ***3 year annualised calendar year COMPOSITION BY STYLE* (# OF FUNDS) 25% SECTOR ALLOCATION (% OF GAV)* TOTAL GAV 30.1 BILLION Retail 5% 7% 38% Office Industrial / Logistics Development Value Added 16% Leisure Health Care 75% 28% Student Housing Other/not reported 10

14 AUGUST MULTI-COUNTRY FUNDS INDEX % Total return in local currency 0% % 12 months* ** 3 yr*** Total Return (%) 0,39% -2,95% 0,4 0,37% -1,80% -3,26% 0,96% Capital Growth (%) -0,15% -4,35% -0,1-0,4-5,00% -6,2-2,2 Income Return (%) 0,5 1,40% 0,5 0,79% 3,29% 3,09% 3,24% # of funds Gearing (% of GAV) 46,87% 46,48% 46,40% 45,0 *12 months rolling ** calendar year ***3 year annualised calendar year COMPOSITION BY STYLE* (# OF FUNDS) COUNTRY ALLOCATION (% OF GAV)* TOTAL GAV 67.3 BILLION Germany 18% France 3 Value Added 35% 18% Netherlands Sweden United Kingdom 68% 4% 5% 6% 6% 8% Poland Spain Other/not reported 11

15 AUGUST CENTRAL AND EASTERN EUROPEAN FUNDS INDEX % Total return in local currency 6% 4% 0% - -4% -6% -8% 12 months* ** 3 yr*** Total Return (%) 0,20% -6,7 1,90% 1,25% -3,57% -5,18% 3,6 Capital Growth (%) -0,1-7,17% 1,68% 0,64% -5,1-6,8 2,36% Income Return (%) 0,3 0,45% 0,2 0,6 1,60% 1,7 1,2 # of funds Gearing (% of GAV) 47,88% 48,5 48,38% 46,80% *12 months rolling ** calendar year ***3 year annualised calendar year COMPOSITION BY STYLE* (# OF FUNDS) COUNTRY ALLOCATION (% OF GAV)* TOTAL GAV 5.4 BILLION Poland 3 Value Added 5% 10% 5% 1 46% Czech Republic Hungary Slovakia Romania 69% Russia 19% Croatia Other/not reported 12

16 AUGUST CONTINENTAL EUROPEAN FUNDS INDEX % Total return in local currency 0% months* ** 3 yr*** Total Return (%) 0,39% -1,47% 0,49% 0,39% -0,2-0,98% 1,86% Capital Growth (%) -0,19% -2,8-0,09% -0,48% -3,56% -4,19% -1,60% Income Return (%) 0,58% 1,35% 0,58% 0,87% 3,4 3,30% 3,49% # of funds Gearing (% of GAV) 39,34% 38,9 39,0 37,7 *12 months rolling ** calendar year ***3 year annualised calendar year COMPOSITION BY STYLE* (# OF FUNDS) COUNTRY ALLOCATION (% OF GAV)* TOTAL GAV BILLION Netherlands 29% 7 Value Added 30% 4% 4% 4% 8% 2 16% 1 Germany France Switzerland Sweden Finland Italy Other/not reported 13

17 AUGUST NORDIC FUNDS INDEX % Total return in local currency 7% 6% 5% 4% 0% months* ** 3 yr*** Total Return (%) 1,05% -2,69% 1,2 0,49% 0,00% 0,8 5,5 Capital Growth (%) 0,20% -3,9-0,0-0,34% -4,06% -3,80% 1,37% Income Return (%) 0,85% 1,2 1,2 0,8 4,17% 4,77% 4,1 # of funds Gearing (% of GAV) 54,95% 55,27% 54,59% 54,69% *12 months rolling ** calendar year ***3 year annualised calendar year COMPOSITION BY STYLE* (# OF FUNDS) COUNTRY ALLOCATION (% OF GAV)* TOTAL GAV 9,9 BILLION 10% Finland 56% 44% Value Added % Sweden Norway Denmark 2 Other/not reported 14

18 AUGUST SOUTHERN EUROPEAN FUNDS INDEX 4% % Total return in local currency 0% - -4% -6% -8% -10% 12 months* ** 3 yr*** Total Return (%) -1,38% -7,89% -3,20% -1,77% -13,6-14,1 1-5,85% Capital Growth (%) -1,80% -8,37% -3,35% -1,9-14,70% -15,26% -8,18% Income Return (%) 0,4 0,47% 0,15% 0,15% 1,2 1,30% 2,49% # of funds Gearing (% of GAV) 56,47% 56,3 58,3 55,3 *12 months rolling ** calendar year ***3 year annualised calendar year 1 This figure is substantially different to the number published in the INREV Annual Index as a large number of funds only participate in the INREV Annual Index COMPOSITION BY STYLE* (# OF FUNDS) COUNTRY ALLOCATION (% OF GAV)* TOTAL GAV 4.7 BILLION 4% Italy 3 24% 39% Portugal 69% Value Added Spain 3 Other/not reported 15

19 AUGUST WESTERN EUROPEAN FUNDS INDEX 5% % Total return in local currency 4% 0% 12 months* ** 3 yr*** Total Return (%) 0,28% -0,25% 0,60% 0,79% 1,4 0,6 4,9 Capital Growth (%) -0,35% -1,28% 0,00% -0,06% -1,69% -2,50% 1,66% Income Return (%) 0,6 1,0 0,60% 0,85% 3,16% 3,18% 3,2 # of funds Gearing (% of GAV) 20,80% 21,00% 21,3 20,20% *12 months rolling ** calendar year ***3 year annualised calendar year COMPOSITION BY STYLE* (# OF FUNDS) COUNTRY ALLOCATION (% OF GAV)* TOTAL GAV 73.1 BILLION 2 Value Added 8% 1 5% 9% 40% United Kingdom Netherlands Switzerland Germany 78% 26% France Other/not reported 16

20 AUGUST PAN-EUROPEAN FUNDS INDEX % Total return in local currency 0% months* ** 3 yr*** Total Return (%) 0,4-1,8 0,44% 0,78% -0,20% -1,9 1,38% Capital Growth (%) -0,2-3,4-0,2 0,0-3,8-5,19% -2,3 Income Return (%) 0,64% 1,6 0,64% 0,77% 3,7 3,38% 3,75% # of funds Gearing (% of GAV) 45,70% 45,19% 44,7 43,49% *12 months rolling ** calendar year ***3 year annualised calendar year COMPOSITION BY STYLE* (# OF FUNDS) COUNTRY ALLOCATION (% OF GAV)* TOTAL GAV 49.7 BILLION Germany 2 77% Value Added 26% 4% 5% 7% 10% 2 2 France Netherlands United Kingdom Sweden Belgium Italy Other/not reported 17

21 AUGUST CLOSED END FUNDS INDEX % Total return in local currency 4% 0% months* ** 3 yr*** Total Return (%) 0,20% -1,74% 0,3 1,0-0,2-2,04% 3,38% Capital Growth (%) -0,49% -3,10% -0,37% 0,09% -3,84% -5,47% 0,00% Income Return (%) 0,69% 1,36% 0,68% 0,94% 3,7 3,56% 3,37% # of funds Gearing (% of GAV) 42,28% 43,5 43,97% 41,76% *12 months rolling ** calendar year ***3 year annualised calendar year COMPOSITION BY STYLE* (# OF FUNDS) COUNTRY ALLOCATION (% OF GAV)* TOTAL GAV 55.1 BILLION United Kingdom 5 49% Value Added 3 5% 5% 5% 6% 25% 15% 8% France Germany Switzerland Finland Portugal Italy Other 18

22 AUGUST OPEN END FUNDS INDEX % Total return in local currency 0% 12 months* ** 3 yr*** Total Return (%) 0,38% -0,74% 0,65% 0,57% 0,86% 0,30% 3,74% Capital Growth (%) -0,2-1,80% 0,07% -0,17% -2,1-2,66% 0,40% Income Return (%) 0,59% 1,06% 0,58% 0,74% 3,0 3,0 3,3 # of funds Gearing (% of GAV) 26,58% 25,5 25,79% 27,09% *12 months rolling ** calendar year ***3 year annualised calendar year COMPOSITION BY STYLE* (# OF FUNDS) COUNTRY ALLOCATION (% OF GAV)* TOTAL GAV 87.6 BILLION Netherlands 6% Value Added 6% 19% 25% United Kingdom Germany France Switzerland 94% 8% 15% 2 Sweden Finland Other/not reported 19

23 AUGUST OFFICE FUNDS INDEX % Total return in local currency 0% months* ** 3 yr*** Total Return (%) -0,26% -0,34% -0,2 0,6-0,2-2,58% 2,07% Capital Growth (%) -0,88% -2,17% -0,7-0,24% -3,96% -6,20% -1,59% Income Return (%) 0,6 1,8 0,50% 0,84% 3,8 3,79% 3,69% # of funds Gearing (% of GAV) 37,05% 37,25% 36,34% 37,10% *12 months rolling ** calendar year ***3 year annualised calendar year COMPOSITION BY STYLE* (# OF FUNDS) COUNTRY ALLOCATION (% OF GAV)* TOTAL GAV 15.0 BILLION United Kingdom 3 67% Value Added 1 6% 15% 2 20% France Netherlands Germany Italy Spain 20% Portugal Other/not reported 20

24 AUGUST RETAIL FUNDS INDEX 4% % Total return in local currency 0% 12 months* ** 3 yr*** Total Return (%) 0,89% -0,60% 0,6 0,45% 1,36% 0,56% 5,4 Capital Growth (%) 0,05% -1,59% -0,17% -0,70% -2,39% -2,90% 1,74% Income Return (%) 0,84% 0,99% 0,79% 1,15% 3,8 3,54% 3,64% # of funds Gearing (% of GAV) 35,24% 35,05% 36,2 34,9 *12 months rolling ** calendar year ***3 year annualised calendar year COMPOSITION BY STYLE* (# OF FUNDS) COUNTRY ALLOCATION (% OF GAV)* TOTAL GAV 26.4 BILLION United Kingdom 20% 80% Value Added 2 4% 6% 6% 8% 1 24% 19% Netherlands Portugal France Germany Spain Sweden Other/not reported 21

25 AUGUST INDUSTRIAL/LOGISTICS FUNDS INDEX % Total return in local currency 0% % 12 months* ** 3 yr*** Total Return (%) -0,5-3,20% 0,15% 0,8-2,76% -3,20% 1,45% Capital Growth (%) -1,67% -4,9-0,9-0,7-8,05% -8,1-3,87% Income Return (%) 1,14% 1,7 1,08% 1,56% 5,6 5,2 5,47% # of funds Gearing (% of GAV) 45,76% 48,09% 45,29% 44,2 *12 months rolling ** calendar year ***3 year annualised calendar year COMPOSITION BY STYLE* (# OF FUNDS) COUNTRY ALLOCATION (% OF GAV)* TOTAL GAV 14.1 BILLION France 4 57% Value Added 4% 6% % United Kingdom Germany Netherlands Poland Italy 10% 16% Sweden Other/not reported 22

26 AUGUST RESIDENTIAL FUNDS INDEX % Total return in local currency 0% - 12 months* ** 3 yr*** Total Return (%) -0,18% -0,3-0,08% 0,1-0,47% -0,86% 0,6 Capital Growth (%) -0,70% -1,08% -0,57% -1,04% -3,36% -3,38% -2,34% Income Return (%) 0,5 0,76% 0,49% 1,16% 2,96% 2,58% 3,00% # of funds Gearing (% of GAV) 26,8 23,24% 23,47% 23,4 *12 months rolling ** calendar year ***3 year annualised calendar year COMPOSITION BY STYLE* (# OF FUNDS) COUNTRY ALLOCATION (% OF GAV)* TOTAL GAV 13.3 BILLION 0,0% Value Added 15% Netherlands Germany France Sweden 100,0% 77% Denmark Other/not reported 23

27 AUGUST MULTI-SECTOR FUNDS INDEX % Total return in local currency 0% - 12 months* ** 3 yr*** Total Return (%) 0,36% -0,95% 0,8 0,87% 1,08% -0,07% 4,1 Capital Growth (%) -0,1-2,09% 0,27% 0,4-1,54% -2,8 1,29% Income Return (%) 0,49% 1,14% 0,5 0,45% 2,64% 2,79% 2,79% # of funds Gearing (% of GAV) 26,86% 27,06% 27,35% 26,98% *12 months rolling ** calendar year ***3 year annualised calendar year COMPOSITION BY STYLE* (# OF FUNDS) COUNTRY ALLOCATION (% OF GAV)* TOTAL GAV 63.1 BILLION United Kingdom 3 69% Value Added 26% 4% 4% 4% 9% 1 27% 14% Switzerland Germany France Sweden Finland Norway Other/not reported 24

28 AUGUST TOTAL RETURNS IN LOCAL CURRENCY TOTAL RETURN (LOC) All Value Added Fin- Land Franc e Italy Nether -lands UK CEE Germany Cont- Eur Nordic 2,38% 2,3 2,6-0,67% 1,94% 0,20% -0,2 0,0 6,3 0,39% 0,19% 1,16% 1,7 1,8 1,36% 0,9 3,69% -0,67% 0,05% 0,4 3,34% 0,24% 0,74% 1,34% 1,59% 1,59% 1,55% 2,27% -1,87% 1,20% 2,2 0,77% 2,2 1,9 1,16% 2,84% 1,9 1,7 2,60% 1,4 6,07% 1,1 1,35% 0,67% 2,37% 2,0 1,6 5,6 1,76% 1,80% 1,54% 3,47% 2,17% 3,37% 1,17% 0,9 1,59% 3,76% 1,84% 4,08% 0,85% 0,90% 0,64% 0,90% 1,87% 1,0 0,65% -0,25% 1,68% 4,45% 0,4 0,90% 0,75% 0,90% 0,05% -0,2 0,38% -0,0 1,3 0,96% 1,4 2,86% 0,4-0,84% 0,4 0,6-0,58% 2,57% 2,10% 1,40% -1,86% 1,06% 0,89% 0,57% 0,17% 0,5 0,48% 0,59% -0,0 0,69% 0,54% 0,64% -0,9 0,00% 0,57% 0,8 0,4 1,8-0,2-0,04% -1,06% 2,95% 0,94% 0,55% -0,44% 0,16% -0,05% 0,6-0,3 0,7 0,3 0,38% 0,00% 1,30% 0,57% 0,95% -0,6-0,1 0,17% 0,20% 0,39% 1,05% -1,09% -0,59% -3,40% 3,9-2,4-0,1-1,37% -0,0-0,36% -6,7-1,47% -2,69% 0,5 0,65% -0,0 2,57% 1,30% 0,8-0,29% -0,18% 0,6 1,90% 0,49% 1,2 0,7 0,58% 1,44% 1,7 1,6 1,0-0,84% -0,06% 1,59% 1,25% 0,39% 0,49% 25

29 AUGUST TOTAL RETURNS IN LOCAL CURRENCY TOTAL RETURN (LOC) Southtern Europe Western Europe Closed end Open end Office Retail Pan European Multicountry Industrial/ Logistics Residential Multisector -0,3 3,85% -0,0 0,08% 3,3 1,74% 2,50% 3,77% 1,2-0,44% 2,50% 0,8 2,16% 1,0 0,89% 1,6 1,78% 0,85% 2,19% 0,87% 0,35% 2,20% 1,84% 1,7 1,07% 1,34% 1,8 1,4 1,5 2,18% 0,78% 0,59% 1,6 0,66% 1,87% 1,55% 1,74% 2,45% 1,54% 1,90% 3,3 1,4 0,05% 1,56% 0,88% 1,48% 1,99% 2,1 1,64% 1,8 0,96% 1,84% 2,35% 1,16% 1,88% -0,36% 0,97% 0,37% 0,44% 0,74% 0,9 0,47% 1,25% 0,9-0,54% 1,08% 0,29% 1,0 0,2 0,2 0,58% 0,85% 0,69% 0,9 0,69% 0,55% 0,80% -6,4 0,90% -0,09% -0,57% -0,0 0,69% -0,05% 0,05% -0,6 1,00% 0,6-3,46% 0,5 0,50% 0,3 0,17% 0,65% -0,58% 0,47% 0,5-0,06% 0,7-2,05% 0,08% -1,0-1,0-0,67% 0,0-1,4-0,20% 0,0-0,30% -0,20% -1,38% 0,28% 0,4 0,39% 0,20% 0,38% -0,26% 0,89% -0,5-0,18% 0,36% -7,89% -0,25% -1,8-2,95% -1,74% -0,74% -0,34% -0,60% -3,20% -0,3-0,95% -3,20% 0,60% 0,44% 0,4 0,3 0,65% -0,2 0,6 0,15% -0,08% 0,8-1,77% 0,79% 0,78% 0,37% 1,0 0,57% 0,6 0,45% 0,8 0,1 0,87% 26

30 AUGUST TOTAL RETURNS IN EURO TOTAL RETURN (LOC) All Value Added Fin- Land Franc e Italy Nether -lands UK CEE Germany Cont- Eur Nordic 2,7 2,67% 2,9-0,67% 1,94% 0,20% -0,2 0,0 7,17% 0,39% 0,28% 2,35% 5,69% 5,99% 4,56% 0,9 3,69% -0,67% 0,05% 0,4 13,90% 0,24% 0,79% 1,85% -0,87% -0,99% -0,38% 2,27% -1,87% 1,20% 2,2 0,77% -3,85% 1,9 1,16% 2,9 2,14% 1,97% 2,8 1,4 6,07% 1,1 1,35% 0,67% 2,88% 2,0 1,66% 6,26% 0,54% 0,47% 0,8 3,47% 2,17% 3,37% 1,17% 0,9-1,0 3,76% 1,36% 3,89% 0,7 0,89% 0,0 0,90% 1,87% 1,0 0,65% -0,25% -0,47% 4,45% 1,34% 0,96% 1,70% 1,88% 0,89% -0,2 0,38% -0,0 1,3 0,96% 4,7 2,86% 0,2-1,05% 1,79% 2,07% 0,5 2,57% 2,10% 1,40% -1,86% 1,06% 4,78% 0,57% 0,25% 1,1 0,7 0,86% 0,1 0,69% 0,54% 0,64% -0,9 0,00% 1,0 0,8 0,58% 2,37% 1,04% 1,26% 0,05% 2,95% 0,94% 0,55% -0,44% 0,16% 3,54% 0,6-0,24% 1,06% 0,74% 0,80% 0,47% 1,30% 0,57% 0,95% -0,6-0,1 1,4 0,19% 0,39% 2,00% -2,0-1,54% -4,3 3,9-2,4-0,1-1,37% -0,0-3,05% -6,7-1,5-2,98% -0,56% -0,49% -0,89% 2,57% 1,30% 0,8-0,29% -0,18% -2,39% 1,90% 0,37% 1,2 0,16% 0,0 0,89% 1,7 1,6 1,0-0,84% -0,06% 0,17% 1,25% 0,15% -1,2 27

31 AUGUST TOTAL RETURNS IN EURO TOTAL RETURN (LOC) Southtern Europe Western Europe Closed end Open end Office Retail Pan European Multicountry Industrial/ Logistics Residential Multisector -0,3 4,34% -0,0 0,09% 3,67% 2,07% 2,70% 4,1 1,4-0,44% 2,99% 0,8 8,56% 1,04% 0,90% 5,69% 5,70% 3,47% 6,7 3,4 0,36% 7,38% 1,84% -2,17% 1,05% 1,3-0,69% -0,98% -0,15% -0,58% -0,75% 0,59% -1,5 0,66% 2,20% 1,55% 1,75% 2,68% 1,78% 2,04% 3,54% 1,57% 0,05% 1,88% 0,88% -0,39% 1,95% 2,09% 0,34% 0,66% 0,29% 0,7 1,75% 1,16% 0,1-0,36% 0,79% 0,34% 0,4 0,78% 0,70% -0,04% 0,36% 0,40% -0,54% 1,4 0,29% 2,5 0,27% 0,25% 1,48% 1,84% 1,48% 2,24% 1,4 0,55% 1,88% -6,4 3,00% -0,04% -0,5 1,34% 2,08% 0,89% 1,64% 0,30% 1,00% 2,35% -3,46% 0,86% 0,50% 0,34% 0,45% 0,88% -0,47% 0,6 0,6-0,06% 1,1-2,05% 2,0-0,97% -0,97% 0,6 1,27% -0,5 1,14% 0,8-0,30% 1,4-1,38% 0,88% 0,44% 0,4 0,6 0,80% 0,05% 1,36% -0,2-0,18% 0,88% -7,89% -1,67% -1,86% -3,0-2,74% -1,64% -1,04% -1,6-3,78% -0,3-2,1-3,20% -1,06% 0,40% 0,36% -0,8-0,4-0,89% -0,49% -0,4-0,08% -0,64% -1,77% 0,0 0,77% 0,3 0,36% 0,05% 0,30% -0,06% 0,50% 0,1 0,05% 28

32 AUGUST TOTAL RETURNS IN US DOLLAR TOTAL RETURN (LOC) All Value Added Fin- Land Franc e Italy Nether -lands UK CEE Germany Cont- Eur Nordic -3,58% -3,6-3,40% -6,76% -4,29% -5,94% -6,34% -6,1 0,59% -5,76% -5,87% -3,96% -4,10% -3,8-5,14% -8,4-5,9-9,88% -9,20% -8,89% 3,35% -9,05% -8,55% -7,60% 10,54% 10,4 11,08% 14,0 9,44% 12,87% 13,87% 12,40% 7,2 13,65% 12,80% 14,8-0,54% -0,7 0,1-1,19% 3,4-1,54% -1,3-1,98% 0,19% -0,58% -1,0 3,50% 6,96% 6,89% 7,25% 10,08% 8,67% 9,96% 7,6 7,36% 5,29% 10,39% 7,8 10,5 2,8 2,97% 2,1 2,75% 3,98% 3,1 2,75% 1,8 1,59% 6,6 3,44% 3,09% -3,9-3,7-4,69% -5,7-5,16% -5,54% -4,26% -4,57% -1,06% -2,79% -5,3-6,60% -3,06% -2,79% -4,29% -2,27% -2,84% -3,46% -6,5-3,76% -0,2-4,2-4,5-3,7 3,75% 3,89% 3,15% 3,7 3,56% 3,67% 2,06% 3,0 4,05% 3,84% 3,60% 5,47% -4,7-4,5-5,7-2,9-4,8-5,20% -6,1-5,57% -2,38% -5,1-5,94% -4,89% 3,0 3,06% 2,76% 3,57% 2,78% 3,20% 1,6 2,1 3,70% 2,47% 2,65% 4,49% 0,70% 1,2-1,6 7,05% 0,3 2,66% 1,35% 2,75% -0,37% -4,07% 1,25% -0,2-3,55% -3,48% -3,86% -0,48% -1,74% -2,1-3,27% -3,17% -5,3-1,16% -2,64% -1,8 1,65% 1,50% 2,40% 3,27% 3,14% 2,56% 0,65% 1,44% 1,6 2,77% 1,65% 0,26% 29

33 AUGUST TOTAL RETURNS IN US DOLLAR TOTAL RETURN (LOC) Southtern Europe Western Europe Closed end Open end Office Retail Pan European Multicountry Industrial/ Logistics Residential Multisector -6,44% -2,07% -6,14% -6,05% -2,69% -4,19% -3,60% -2,27% -4,8-6,5-3,3-8,5-1,49% -8,3-8,45% -4,1-4,09% -6,1-3,18% -6,17% -8,9-2,57% 13,5 9,10% 12,66% 12,98% 10,75% 10,4 11,3 10,87% 10,67% 12,20% 9,8-2,00% -0,48% -1,1-0,9-0,0-0,89% -0,65% 0,84% -1,06% -2,59% -0,79% 7,3 5,97% 8,47% 8,6 6,75% 7,09% 6,69% 7,16% 8,25% 7,6 6,5 1,7 2,87% 2,4 2,49% 2,85% 2,80% 2,0 2,45% 2,50% 1,5 3,49% -5,2-3,1-5,26% -5,29% -4,1-3,78% -4,1-3,39% -4,19% -4,95% -3,75% -10,86% -1,9-4,80% -5,26% -3,5-2,78% -3,90% -3,2-4,45% -3,8-2,54% -0,56% 3,89% 3,5 3,36% 3,47% 3,9 2,5 3,65% 3,67% 2,95% 4,15% -7,64% -3,8-6,6-6,6-5,1-4,5-6,2-4,6-4,9-6,00% -4,39% 0,8 3,14% 2,70% 2,68% 2,90% 3,07% 2,29% 3,64% 2,0 2,05% 3,17% -5,3 1,07% 0,89% -0,29% -0,0 1,10% 1,7 1,1-1,10% 2,46% 0,6-6,10% -4,0-2,6-2,66% -3,8-3,40% -3,87% -3,46% -3,40% -3,08% -3,64% -0,29% 1,49% 2,28% 1,8 1,86% 1,54% 1,8 1,44% 1,99% 1,6 1,5 30

34 AUGUST TOTAL RETURNS IN BRITISH POUND TOTAL RETURN (LOC) All Value Added Fin- Land Franc e Italy Nether -lands UK CEE Germany Cont- Eur Nordic 1,9 1,87% 2,1-1,44% 1,17% -0,59% -0,96% -0,76% 6,3-0,39% -0,49% 1,54% -4,10% -3,8-5,1-8,4-5,9-9,85% -9,2-8,89% 3,34% -9,04% -8,54% -7,6 5,38% 5,26% 5,89% 8,70% 4,3 7,60% 8,55% 7,15% 2,2 8,34% 7,54% 9,4 1,6 1,45% 2,30% 0,9 5,7 0,59% 0,84% 0,15% 2,37% 1,56% 1,14% 5,7 3,2 3,14% 3,54% 6,20% 4,94% 6,1 3,8 3,58% 1,59% 6,78% 4,06% 6,67% 2,9 3,07% 2,2 3,1 4,07% 3,2 2,8 1,90% 1,68% 6,7 3,54% 3,24% -1,49% -1,3-2,29% -3,34% -2,76% -3,16% -1,87% -2,20% 1,4-0,34% -2,9-4,24% -1,98% -1,7-3,2-1,2-1,69% -2,35% -5,49% -2,68% 0,89% -3,14% -3,46% -2,6 0,28% 0,4-0,30% 0,24% 0,10% 0,19% -1,35% -0,44% 0,57% 0,37% 0,14% 1,9-2,46% -2,24% -3,47% -0,6-2,56% -2,94% -3,88% -3,3-0,05% -2,87% -3,70% -2,6-0,49% -0,44% -0,7 0,07% -0,68% -0,29% -1,8-1,34% 0,17% -1,00% -0,8 0,96% 0,75% 1,25% -1,59% 7,0 0,37% 2,74% 1,44% 2,8-0,36% -4,04% 1,3-0,16% 2,5 2,60% 2,20% 5,8 4,45% 4,05% 2,8 2,94% 0,6 5,08% 3,50% 4,37% 1,55% 1,4 2,29% 3,14% 3,04% 2,45% 0,5 1,3 1,59% 2,65% 1,54% 0,1 31

35 AUGUST TOTAL RETURNS IN BRITISH POUND TOTAL RETURN (LOC) Southtern Europe Western Europe Closed end Open end Office Retail Pan European Multicountry Industrial/ Logistics Residential Multisector -1,09% 3,5-0,78% -0,68% 2,85% 1,29% 1,90% 3,29% 0,59% -1,20% 2,20% -8,5-1,50% -8,3-8,44% -4,1-4,09% -6,1-3,17% -6,16% -8,94% -2,57% 8,2 4,00% 7,4 7,7 5,58% 5,26% 6,1 5,69% 5,55% 6,96% 4,68% 0,14% 1,68% 1,0 1,2 2,17% 1,26% 1,5 3,0 1,10% -0,47% 1,37% 3,56% 2,25% 4,69% 4,80% 3,0 3,3 2,95% 3,4 4,44% 3,84% 2,77% 1,79% 2,97% 2,5 2,59% 2,96% 2,88% 2,1 2,5 2,59% 1,6 3,60% -2,8-0,69% -2,87% -2,90% -1,70% -1,36% -1,7-0,97% -1,80% -2,60% -1,3-9,88% -0,8-3,74% -4,20% -2,4-1,70% -2,84% -2,1-3,40% -2,74% -1,45% -3,88% 0,4 0,06% -0,10% 0,0 0,44% -0,9 0,19% 0,20% -0,50% 0,66% -5,44% -1,5-4,38% -4,39% -2,86% -2,24% -3,97% -2,35% -2,67% -3,75% -2,10% -2,58% -0,37% -0,78% -0,79% -0,59% -0,4-1,18% 0,1-1,44% -1,40% -0,34% -5,25% 1,1 0,95% -0,24% 0,0 1,14% 1,77% 1,16% -1,04% 2,5 0,65% -0,17% 2,0 3,5 3,48% 2,24% 2,69% 2,20% 2,6 2,70% 3,04% 2,4-0,4 1,4 2,16% 1,7 1,76% 1,45% 1,69% 1,34% 1,90% 1,50% 1,45% 32

36 AUGUST TOTAL RETURNS IN JAPANESE YEN TOTAL RETURN (LOC) All Value Added Fin- Land Franc e Italy Nether -lands UK CEE Germany Cont- Eur Nordic -3,1-3,16% -2,94% -6,3-3,8-5,50% -5,94% -5,65% 1,06% -5,30% -5,40% -3,47% -8,25% -7,99% -9,26% -12,40% -10,0-13,8-13,1-12,86% -1,07% -13,0-12,5-11,66% 4,3 4,18% 4,8 7,6 3,27% 6,5 7,4 6,07% 1,14% 7,25% 6,46% 8,34% -3,07% -3,2-2,44% -3,74% 0,6-4,04% -3,84% -4,46% -2,36% -3,17% -3,5 0,87% 8,69% 8,6 8,99% 11,86% 10,44% 11,80% 9,39% 9,10% 6,99% 12,16% 9,58% 12,3 0,49% 0,64% -0,18% 0,49% 1,68% 0,79% 0,4-0,48% -0,7 4,2 1,10% 0,77% -9,08% -8,9-9,8-10,78% -10,26% -10,6-9,4-9,7-6,39% -8,0-10,40% -11,6-2,07% -1,80% -3,3-1,26% -1,85% -2,47% -5,56% -2,78% 0,8-3,27% -3,55% -2,7 10,28% 10,4 9,64% 10,2 10,08% 10,17% 8,47% 9,49% 10,58% 10,39% 10,1 12,10% -7,9-7,70% -8,86% -6,17% -8,00% -8,37% -9,25% -8,7-5,64% -8,30% -9,08% -8,06% 0,9 0,97% 0,67% 1,46% 0,69% 1,09% -0,45% 0,0 1,6 0,38% 0,56% 2,37% 11,0 11,57% 8,4 18,26% 10,59% 13,20% 11,7 13,27% 9,80% 5,77% 11,6 10,04% 5,8 5,88% 5,46% 9,24% 7,80% 7,49% 6,15% 6,25% 3,8 8,46% 6,8 7,70% 6,97% 6,8 7,77% 8,68% 8,50% 7,9 5,9 6,75% 7,00% 8,1 6,96% 5,5 33

37 AUGUST TOTAL RETURNS IN JAPANESE YEN TOTAL RETURN (LOC) Southtern Europe Western Europe Closed end Open end Office Retail Pan European Multicountry Industrial/ Logistics Residential Multisector -6,0-1,60% -5,68% -5,58% -2,2-3,7-3,14% -1,80% -4,38% -6,05% -2,86% -12,49% -5,74% -12,3-12,45% -8,26% -8,25% -10,19% -7,35% -10,2-12,90% -6,79% 7,1 2,9 6,3 6,6 4,50% 4,18% 5,04% 4,6 4,47% 5,88% 3,60% -4,47% -3,0-3,65% -3,46% -2,56% -3,4-3,15% -1,7-3,66% -5,06% -3,3 9,05% 7,69% 10,2 10,36% 8,48% 8,8 8,4 8,90% 10,00% 9,35% 8,2-0,60% 0,54% 0,09% 0,17% 0,5 0,46% -0,29% 0,1 0,18% -0,77% 1,16% -10,3-8,34% -10,35% -10,38% -9,27% -8,96% -9,28% -8,59% -9,36% -10,09% -8,9-9,95% -0,9-3,8-4,29% -2,5-1,79% -2,9-2,24% -3,48% -2,8-1,5 5,70% 10,4 10,05% 9,86% 9,98% 10,45% 8,96% 10,17% 10,19% 9,4 10,70% -10,7-7,0-9,7-9,7-8,29% -7,70% -9,34% -7,8-8,09% -9,14% -7,57% -1,2 1,05% 0,6 0,60% 0,8 0,97% 0,2 1,5-0,07% -0,0 1,08% 4,3 11,4 11,2 9,9 10,2 11,44% 12,1 11,47% 9,0 12,95% 10,90% 3,0 5,26% 6,85% 6,79% 5,5 5,97% 5,47% 5,9 5,99% 6,34% 5,69% 4,9 6,8 7,6 7,14% 7,19% 6,86% 7,1 6,76% 7,3 6,9 6,86% 34

38 AUGUST TOTAL RETURNS IN AUSTRALIAN DOLLAR TOTAL RETURN (LOC) All Value Added Fin- Land Franc e Italy Nether -lands UK CEE Germany Cont- Eur Nordic -6,3-6,38% -6,14% -9,4-7,04% -8,6-8,96% -8,78% -2,29% -8,45% -8,55% -6,7 2,9 3,2 1,8-1,7 0,99% -3,2-2,58% -2,2 10,9-2,38% -1,8-0,8-2,40% -2,5-1,9 0,70% -3,39% -0,38% 0,66% -0,74% -5,34% 0,35% -0,40% 1,36% -5,09% -5,24% -4,47% -5,74% -1,6-6,05% -5,8-6,45% -4,38% -5,24% -5,54% -1,2 5,4 5,35% 5,67% 8,50% 7,07% 8,35% 6,07% 5,8 3,78% 8,68% 6,27% 8,9 0,06% 0,2-0,6 0,29% 1,2 0,35% -0,0-0,9-1,15% 3,74% 0,67% 0,38% 3,98% 4,17% 3,16% 2,07% 2,70% 2,2 3,57% 3,2 7,05% 5,2 2,48% 1,08% -6,7-6,44% -7,90% -6,00% -6,4-7,05% -10,04% -7,37% -3,98% -7,8-8,1-7,34% 1,65% 1,78% 1,05% 1,60% 1,45% 1,57% -0,0 0,9 1,9 1,77% 1,50% 3,3-2,6-2,40% -3,6-0,77% -2,70% -3,09% -4,0-3,45% -0,20% -3,0-3,86% -2,75% 0,85% 0,9 0,60% 1,40% 0,60% 1,0-0,54% -0,0 1,54% 0,3 0,50% 2,30% 0,76% 1,27% -1,57% 7,29% 0,36% 2,75% 1,40% 2,8-0,30% -4,0 1,3-0,14% -3,96% -3,89% -4,27% -0,90% -2,16% -2,54% -3,68% -3,57% -5,75% -1,57% -3,05% -2,26% 15,9 15,74% 16,74% 17,7 17,6 16,9 14,74% 15,65% 15,9 17,17% 15,90% 14,3 35

39 AUGUST TOTAL RETURNS IN AUSTRALIAN DOLLAR TOTAL RETURN (LOC) Southtern Europe Western Europe Closed end Open end Office Retail Pan European Multicountry Industrial/ Logistics Residential Multisector -9,09% -4,86% -8,8-8,7-5,46% -6,9-6,36% -5,07% -7,5-9,20% -6,08% -1,8 5,7-1,59% -1,7 2,9 2,94% 0,77% 3,9 0,7-2,27% 4,58% 0,27% -3,68% -0,54% -0,25% -2,2-2,5-1,69% -2,1-2,34% -0,9-3,05% -6,47% -5,0-5,64% -5,46% -4,59% -5,4-5,14% -3,77% -5,64% -7,04% -5,3 5,74% 4,45% 6,88% 7,0 5,20% 5,54% 5,16% 5,6 6,70% 6,06% 4,97% -1,04% 0,1-0,34% -0,26% 0,10% 0,0-0,7-0,3-0,27% -1,2 0,7 2,6 4,8 2,55% 2,5 3,76% 4,1 3,75% 4,5 3,64% 2,78% 4,18% -14,24% -5,60% -8,39% -8,8-7,1-6,44% -7,5-6,85% -8,07% -7,4-6,20% -2,58% 1,78% 1,44% 1,27% 1,37% 1,80% 0,46% 1,55% 1,56% 0,84% 2,0-5,59% -1,67% -4,56% -4,56% -3,0-2,40% -4,1-2,5-2,84% -3,89% -2,26% -1,29% 0,98% 0,54% 0,5 0,74% 0,9 0,14% 1,47% -0,1-0,08% 1,0-5,25% 1,1 0,94% -0,2 0,04% 1,16% 1,78% 1,18% -1,04% 2,5 0,67% -6,49% -4,45% -3,0-3,07% -4,2-3,8-4,28% -3,87% -3,8-3,48% -4,05% 13,68% 15,74% 16,6 16,09% 16,14% 15,79% 16,07% 15,65% 16,30% 15,86% 15,79% 36

40 AUGUST INREV INDEX SPECIFICATION The INREV Index measures non-listed real estate fund performance based on annual net asset values (NAVs). The indices are composed to reflect the post-tax financial performance of the European non-listed property funds market taking into account fees and leverage as well. The INREV Index was launched in 2004 and includes historical data from Only core and value added funds are included. All returns are in local currency, which means that exchange rate fluctuations have been stripped out. Returns are compiled and calculated by INREV and then reviewed by Ernst & Young. The INREV Annual Index is frozen, which means that the results will not be restated in the future. CALCULATION METHOD The INREV Index uses the Modified Dietz Method to calculate a quarterly and an annual fund return. This method calculates a NAV based return adjusted for the average invested capital for the period. The initial Net Asset Values are adjusted by weighting all external cash flows based on the length of time this capital is held by the fund using the actual dates of these cash flows. All figures included in this publication are annual fund returns. The total return is split into capital growth and income return components. TR CG IR NAV = Total return for the measurement period = Capital growth for the measurement period = Income return for the measurement period = The Net asset value of a fund is its GAV less all liabilities as per the chosen valuation principles. Contributions= Any capital paid from the investor(s) into the fund (capital call) Redemptions= Redemption is the return of an investor s equity holdings Distributions = Dividends paid from the Vehicle to its shareholder(s). TWC TWR TWD = Time weighted (daily) contributions = Time weighted (daily) redemptions = Time weighted (daily distributions 37

41 AUGUST RULES OF INCLUSION INREV only accepts information which comes directly from the fund and inclusion is therefore subject to approval of the fund manager. Information from public sources is not used. The indices cover real estate funds accessible to institutional investors. Funds with retail investors are required to have at least a 50% institutional holding to be included. Only funds that have allocated a minimum of 90% of their gross asset value (GAV) to European real estate investments are eligible for inclusion. This is independent of the domicile of the fund. EXPLANATION OF INDICES The INREV and Value Added indices are based on the style as self defined by the fund manager. The Continental European Funds Index comprises all funds except those single country funds investing in the UK. The Nordic, Central and Eastern European, Southern European and Western European fund indices include funds with a multi-country and single country strategy investing in a specific region. The pan European Funds Index includes multi-country funds which do not have a specific Western European, Central and Eastern European, Southern European or Nordic strategy. The Multi-country and Multi-sector indices include those funds which have a strategy to invest in more than one country/sector DEFINITIONS NAV: The net asset value of a fund is its GAV less all liabilities in line with the chosen valuation principles. INREV encourages the use of INREV NAV when contributing data to the INREV Index. GAV: The gross asset value of a fund is the gross property value plus the value of any further assets at market value in line with the chosen valuation principles. Gearing: (loan-to-value) is the consolidated total external leverage at the fund level as a percentage of the GAV of the fund. 38

42 AUGUST THE ONLINE INREV INDEX ANALYSIS TOOL The INREV Index Analysis Tool is available on the INREV website under Industry Data. The tool, which gives members the opportunity for further online data analysis, offers a flexible top-down performance measure for the property funds sector and helps investors and fund managers to compare performance of their funds with others with specific criteria. The Tool allows users to specify the characteristics to create sub-indices including by structure, vintage, gearing, size and style. For example, one sub-index could be funds with a launch year between 2005 and 2007, a gearing level between 30% and 60% and a size of between H250 million and H500 million gross asset value (GAV). This can be done for both the INREV Quarterly and Annual Index. Users receive detailed performance data that includes total returns, capital growth, income return, target and actual country/sector allocations, number of funds, total net asset value (NAV), annual distribution yield, average total gearing and multiple period returns. Results are available in local currency, euro, sterling, yen, US dollar and Australia dollar. INREV members can download the results in a PDF or Excel format. The PDF file contains headline performance results while the Excel file also has detailed data on the composition of the sample such as actual allocations and composition by style and structure. In line with the existing Index confidentiality rules, any peer group created must include at least three funds from at least three different fund managers. COMPARE YOUR OWN FUNDS WITH YOUR CHOSEN PEER GROUP Fund managers that submit data to the INREV Index are also able to compare their own fund performance with the tailor made indices created in the INREV Index Analysis Tool. The comparison includes information on the fund itself and on the specified peer group. For the fund, this includes the total return, capital growth, income return, total NAV, total GAV, gearing and distribution yield. The same results are published in the peer group including the number of funds and the quartile results of total return. This sheet also includes a graph with the performance of the fund and the peer group performance, as well as the number of funds in the peer group. The comparison document can also be printed or exported to PDF and Excel. To access the online INREV Index Analysis Tool, login to the INREV website ( and go to Industry Data > Index > INREV Index Analysis Tool. 39

43 AUGUST CONTRIBUTORS* FUND MANAGER Aberdeen Asset Management Aberdeen Asset Management Aberdeen Asset Management Aberdeen Asset Management Aberdeen Asset Management Aberdeen Asset Management Aberdeen Asset Management Aberdeen Asset Management Aberdeen Asset Management Aberdeen Asset Management Aberdeen Asset Management Aberdeen Asset Management Aberdeen Asset Management AEW Europe AEW Europe AEW Europe AEW Europe AEW Europe Altera Vastgoed Altera Vastgoed Altera Vastgoed Altera Vastgoed Amundi Asset Management Archstone Management Germany AREIM Aviva Investors Aviva Investors Aviva Investors AXA Real Estate BlackRock Bouwfonds Real Estate Investment Management Bouwfonds Real Estate Investment Management Bouwinvest Bouwinvest Bouwinvest BPT Asset Management BPT Asset Management BPT Asset Management CapMan Real Estate CapMan Real Estate Captiva Capital Management VEHICLE Aberdeen European Balanced Property Fund Aberdeen European Shopping Fund Aberdeen Property Fund Finland I KY Aberdeen Property Fund Norway I Aberdeen Property Funds SICAV-FIS Pan-Nordic Aberdeen Property Fund Denmark DEGI EUROPE RETAIL DEGI GERMAN BUSINESS DEGI GLOBAL BUSINESS Kauppakeskuskiinteistöt FEA Ky Aberdeen Property UK Retail Parks Trust Aberdeen Real Estate Fund Finland Aberdeen UK Balanced Property Fund Curzon Capital Partners II L.P. Fondis PBW II Real Estate Fund PREF PBW I Altera Vastgoed Industrial Altera Vastgoed Offices Altera Vastgoed Residential Altera Vastgoed Retail AMUNDI RE FRENCH REGIONS OFFICE FUND The Archstone German Fund AREIM I Fund L.P. Aviva Investors Central European Property Fund Central European Industrial Fund Encore+ BlackRock UK Property Fund Bouwfonds European Real Estate Parking Fund Bouwfonds European Residential Bouwinvest Dutch Institutional Residential Fund NV Bouwinvest Dutch Institutional Retail Fund NV Bouwinvest Dutch Institutional Office Fund NV BPT Hansa Lux. SICAV-SIF BPT Secura A/S BPT Baltic Opportunity Fund (REIF) CapMan Hotels RE Ky CapMan Real Estate I Ky CAPTIVA CAPITAL PARTNERS III LP CBRE Strategic Partners Europe Fund II (SPE II) BRE Dutch Office Fund CBRE Dutch Office Fund II CBRE Dutch Residential Fund CBRE Dutch Residential Fund II CBRE Dutch Residential Fund III CBRE Dutch Residential Fund IV CBRE Dutch Retail Fund CBRE Dutch Retail Fund II CBRE Dutch Retail Fund III CBRE Logistics Property Fund Europe CBRE Property Fund Central and Eastern Europe CBRE Property Fund Central Europe LP CBRE European Industrial Fund CV CBRE European Office Fund C.V. CBRE French Residential Fund 40

44 AUGUST CBRE Iberian Value Added Fund CBRE Italian Retail Fund CBRE Nordic Property Fund CBRE Retail Property Fund France Belgium CBRE Retail Property Fund Iberica CBRE Retail Property Partnership Southern Europe CBRE Strategic Partners Europe Fund III (SPE III) CBRE European Shopping Centre Fund CBRE Dutch Office Fund III Commerz Real CG malls europe Cordea Savills Cornerstone Real Estate Advisers Nordic Retail Fund Cornerstone Real Estate Advisers Cornerstone German Retail Fund Corpus Sireo Investment Management Credit Suisse Asset Management Credit Suisse 1a Immo PK Credit Suisse Asset Management Credit Suisse Anlagestiftung Real Estate Switzerland Credit Suisse Asset Management Credit Suisse Anlagestiftung Real Estate Switzerland Dynamic Credit Suisse Asset Management CS PROPERTY DYNAMIC Credit Suisse Asset Management Credit Suisse Real Estate Fund Green Property Credit Suisse Asset Management Credit Suisse Anlagestiftung Real Estate Switzerland Commercial Deka Immobilien Investment KVMS-Domus-Fonds Deka Immobilien Investment Prodespa Deka Immobilien Investment S-Domus-Fonds No. 1 Deka Immobilien Investment VA-Domus-Fonds Eurindustrial Eurindustrial N.V. Exilion Capital Oy Exilion Real Estate 1 Ky F&C REIT Asset Management French Office SCA (FOSCA) F&C REIT Asset Management FOSCA II Genesta Property Nordic GENESTA NORDIC BALTIC REAL ESTATE S.a.r.l. SICAR Goodman Goodman European Logistics Fund, FCP-FIS Grosvenor Fund Management Grosvenor French Retail Investments Grosvenor Fund Management Grosvenor Retail European Properties Hahn Group HAHN FCP-FIS-German Retail Fund Heitman Real Estate Investment Management Heitman Central Europe Property Partners II Heitman Real Estate Investment Management Heitman Europe Property Partners III Heitman Real Estate Investment Management Heitman European Property Partners IV Henderson Global Investors Hines Hines Pan-European Fund Internos Real Investors BIP LaSalle Investment Management Legal & General Property Legal & General UK Property Income Fund (Geared) Legal & General Property Legal & General UK Property Income Fund (Ungeared) Lend Lease Investment Management The Lend Lease Retail Partnership Morgan Stanley Real Estate Morgan Stanley Eurozone Office Fund Nordic Real Estate Partners NREP Logistics 1 AB Norfin Iberia Norfin Logistics and Distribution Norfin Office Park Expo Fund Norfin Vision Offices Fund Pramerica Real Estate Investors Pramerica UK Ground Lease Fund Prelios SGR Armilla-Fondo Comune di Investimento Immobiliare di Tipo Chiuso Prelios SGR FIPRS - Fondo Immobiliare Pubblico Regione Siciliana Prelios SGR Fondo Clarice Prelios SGR Fondo Raissa ProLogiS Prologis Targeted Europe Logistics Fund I, FCP-FIS ProLogiS ProLogis European Properties Fund II M&G Real Estate M&G European Property Fund Q-Park Q Park 41

45 AUGUST Quantum Immobilien Habitare Deutsche Asset & Wealth Management Schroders Property Investment Management Hercules Unit Trust Schroders Property Investment Management Schroder EuroLogistic Fund No. 1 Schroders Property Investment Management Schroder European Property Fund No. 1 Schroders Property Investment Management Schroder UK Property Fund Schroders Property Investment Management West End of London Property Unit Trust Scottish Windows Investment Partnership Airport Industrial Property Unit Trust Scottish Windows Investment Partnership SWIP European Balanced Fund Sonae Sierra Sierra European Retail Real Estate Assets Holdings BV Sonae Sierra SPF - Sierra Portugal Real Estate Sponda Sponda Fund I Ky Sponda Sponda Fund II Ky STAM Europe STAM REI III Standard Life Investments European Property Growth Fund Standard Life Investments Long Lease Property Fund Standard Life Investments Standard Life UK Retail Park Trust Standard Life Investments Standard Life UK Shopping Centre Trust Syntrus Achmea Vastgoed Achmea Dutch Office Property Fund Syntrus Achmea Vastgoed Achmea Dutch Residential Fund Syntrus Achmea Vastgoed Achmea Dutch Retail Property Fund Syntrus Achmea Vastgoed Achmea Industrial Property Fund Syntrus Achmea Vastgoed Achmea Dutch Health Care Property Fund Tishman Speyer Properties Tishman Speyer European Fund FCP-SIF Tishman Speyer Properties Tishman Speyer European Real Estate Venture VI LP Tishman Speyer Properties Tishman Speyer European Strategic Office Fund LP UBS Global Asset Management UBS (Lux) Euro Value Added Real Estate Fund UBS Global Asset Management UBS (Lux) Real Estate - Euro Fund - Euro Zone UBS Global Asset Management UBS Triton Property Fund UBS Global Asset Management UBS Central London Office Value Added Fund (UBS- CLOVA) Valad Europe European High Income Valad Europe Nordic Aktiv 2 Property Fund L.P. Valad Europe Nordic Aktiv Property Fund L.P. Valad Europe Parc d Actvitiés 1 L.P. Valad Europe The Osprey Limited Partnership Valad Europe University Capital Trust Warburg-Henderson KAG für Immobilien Warburg - Henderson Deutschland Fonds Nr. 1 Warburg-Henderson KAG für Immobilien Warburg - Henderson European Property Fund No. 1 Warburg-Henderson KAG für Immobilien Warburg - Henderson Multinational Plus Warburg-Henderson KAG für Immobilien Warburg - Henderson Österreich Fonds Nr. 1 Warburg-Henderson KAG für Immobilien Warburg - Henderson Pan-Europa Fonds Nr. 1 Warburg-Henderson KAG für Immobilien Warburg - Henderson Pan-Europa Fonds Nr. 3 *Fund managers who gave permission to publish their company name or/and fund names are included in this list. 42

46 AUGUST INREV INFO INREV STRAWINSKYLAAN XX AMSTERDAM THE NETHERLANDS T +31 (0) INFO@INREV.ORG INREV is the European Association for Investors in Non-Listed Real Estate Vehicles. Our aim is to improve the accessibility of non-listed real estate funds for institutional investors by promoting greater transparency, accessibility, professionalism and standards of best practice. As a pan European body, INREV represents an excellent platform for the sharing and dissemination of knowledge on the non-listed real estate funds market. VerenigingINREV This document, including but not limited to text, content, graphics and photographs, are protected by copyrights. You agree to abide by all applicable copyright and other laws as well as any additional copyright notices or restrictions contained in this document and to notify INREV in writing promptly upon becoming aware of any unauthorised access or use of this document by any individual or entity or of any claim that this document infringes upon any copyright, trademark or other contractual, statutory or common law rights and you agree to cooperate to remedy any infringement upon any copyright, trademark or other contractual, statutory or common law rights. 43