ALTERNATIVE INVESTMENTS

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1 ALTERNATIVE INVESTMENTS Trends in the market for investments in real estate Grand Hôtel Stockholm 27 April 2016 Stephen Ryan Research Manager 2

2 INREV European Association for Investors in Non-Listed Real Estate 383 Members 114 United Kingdom 60 Germany 56 Netherlands 42 Nordics 35 North America 20 Luxemburg 16 France 12 Southern Europe 4 Asia 2 Middle East 22 Other In 27 Countries (April 2016) 2

3 Mission To increase transparency and accessibility To promote professionalism and best practices To share and spread knowledge 3

4 INVESTMENT INTENTIONS INTO REAL ESTATE 4

5 Background to INREV s annual surveys Investment intentions Forward-looking Detailed questions to institutional and managers Global survey in partnership with Asia and North American associations 345 participants in most recent survey Capital raising survey Backward-looking Detailed questions to managers Global survey 153 participants in most recent survey 5

6 billion Investment into real estate surpasses 2007 levels 900 Capital flows geographic investment zone, excluding development sites Asia Pacific Europe North America Other Source: Real Capital Analytics 6

7 Korea, Republic of United Kingdom Switzerland Finland Canada Italy Australia Sweden The Netherlands Denmark United States Germany Japan France % of overall portfolio Intentions are to further increase allocations 25% 20% 15% 10% 5% 0% -5% Allocations* to real estate Investor domicile Current allocation Increase to target Source: ANREV / INREV / PREA Investment Intentions Survey 2016; *equally weighted allocations 7

8 Minimum of 50 billion targeting real estate Amount expected to be invested in real estate in billion 5.9 billion Fund of funds managers Asia Pacific European North American Source: ANREV / INREV / PREA Investment Intentions Survey

9 Capital is willing to cross borders Asia Pacific European North American 100% 100% 100% 90% 90% 90% 80% 80% 80% 70% 70% 70% 60% 60% 60% 50% 50% 50% 40% 40% 40% 30% 30% 30% 20% 20% 20% 10% 0% Current region Target region 10% 0% 5,7% Current region 11,2 % Target region 10% 0% Current region Target region Source: ANREV / INREV / PREA Investment Intentions Survey

10 Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Quarterly total return (%) For the diversification benefits of real estate 6% Quarterly fund performance 5% 4% 3% 2% 1% 0% -1% -2% Asia Pacific Europe US Source: GREFI (ANREV / INREV / NCREIF Global Real Estate Fund Index) Q

11 Europe top destination for investment Expected destination for investment in 2016 Europe United States Other Asia Pacific Americas ex US Source: ANREV / INREV / PREA Investment Intentions Survey

12 Germany France United Kingdom Netherlands Belgium Finland Sweden Denmark Spain Italy Norway Luxembourg Switzerland Portugal Austria % of respondents With major markets seen as most attractive 80% 70% 60% 50% 40% 30% 20% 10% 0% Preferred investment locations Source: ANREV / INREV / PREA Investment Intentions Survey

13 % of respondents A clear preference for core 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% French Investment styles that plan to invest in Dutch Italian Swiss Asia Pacific Nordic Core Value Added Opportunity German UK North American Source: ANREV / INREV / PREA Investment Intentions Survey

14 Proportion of equity raised Pension funds provide lion s share of new equity 100% 90% Equity raised by investor type Other 80% 70% 60% 50% 40% 30% 20% High net worth individuals / Family offices Funds of funds Charities, foundations, non-profit organisations Government institutions Sovereign wealth funds Insurance companies 10% 0% Pension funds Source: ANREV / INREV / NCREIF Capital Raising Survey

15 Recap on INREV s annual surveys Investment intentions Forward-looking Investors and managers Global survey 345 participants in most recent survey Let s compare 2015 intentions with reality Capital raising survey Backward-looking Fund managers Global survey 153 participants in most recent survey 15

16 Total equity raised ( billion) Introduction: new equity reaches billion 140 Equity raised for the non-listed real estate industry in Non-listed funds Separate accounts JVs and club deals Funds of funds Non-listed debt products Source: ANREV / INREV / NCREIF Capital Raising Survey

17 Are regional intentions actually carried out? Source: Investment Intentions 2015; Capital Raising Survey

18 Are style intentions actually carried out? Source: Investment Intentions Survey 2015; Capital Raising Survey

19 Concluding remarks Real estate investment volumes exceed 2007 levels New equity raised for non-listed real estate reaches new highs Allocation to real estate to increase almost everywhere Around 50 billion is targeting real estate in 2016 Pension funds provide the lion s share of new equity into real estate 19

20 Where are we? 20

21 Contact details Stephen Ryan INREV research 21

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