Singapore Fund managers raised some US$22.9 billion ($32.0 billion) in capital for deployment through non-listed real estate vehicles with an Asia-Pacific strategy in 2016, up 24.5% from US$18.4 billion raised a year ago.This is despite the total capital raised globally falling 4.8% year-on-year to US$128.4 billion.
Asia-Pacific was the only region to see an increase of capital raised in comparison to 2015, which reflects the attractiveness of the markets in this region. All investors regardless of their domicile increased their exposure in Asia Pacific in 2016, says Amélie Delaunay, Director of Research and Professional Standards, Asian Association for Investors in Non-listed Real Estate Vehicles (ANREV).
Capital raised for Asia Pacific accounted for 17.8% of the global total. Close to half, or US$59.6 billion, of the total capital raised, was for vehicles with a European strategy. Meanwhile, US$33.3 billion was raised for North American-focused vehicles, accounting for 26% of total capital.
According to the Capital Raising Survey 2017 report, over 80% of fund managers raised capital for deployment through non-listed real estate vehicles in 2016.
The report was jointly published by ANREV, the European Association for Investors in Non-Listed Real Estate Vehicles (INREV), and the US-based National Council of Real Estate Investment Fiduciaries (NCREIF).
Pension funds remain the investor group providing the largest source of capital to the non-listed real estate industry in 2016, accounting for almost half (47.1% or US$58.71 billion) of the total equity raised, according to the report.
In Asia Pacific, pension funds were dominant with a 43.2% share in terms of the source of capital, up from 33.4% a year ago. This was followed by sovereign wealth funds, which contributed 11.9%.
The survey also found that some 61.4% of capital was raised for single country funds and the remaining 38.6% for multi-country funds.China attracted the largest share of equity raised for single country funds in Asia Pacific, at 37.6%. This was followed by Australian funds at 30.7%, and Singapore at 24.2%.
Funds with a single sector focus raised US$3.67 billion, or 27.9%, of the total equity in 2016.Industrials and logistics were the most active, accounting for US$1.83 billion, or 13.9%, of the total equity raised for the region’s non-listed funds. This was followed by 10.7% for the office sector.
The Capital Raising Survey highlights some of the trends we saw in the 2016 ANREV/INREV/PREA Investment Intentions Survey, such as the strong interest for core funds in Asia Pacific, says Delaunay.
Pan Asian open end funds raised a significant 18% of all equity raised for core funds in the region and China saw increased capital flows for targeted sector strategies, she adds.
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