The European Association for investors in
nonlisted real estate vehicle (INREV) has published an updated 2004 performance index for non-listed European property funds.
Building on the original INREV index which was launched in April this year, INREV and Investment Property Databank have included an additional 13 real estate funds in the index, bringing the total to 100 funds with net assets of e77bn from seven
European countries.
INREV said the index will remain unfrozen for the foreseeable future, which will allow additional
vehicles to be added.
Total return in 2004 for all vehicles was 9.1%. The UK accounts for the largest number of surveyed funds, with 40 respondents, including 37 funds in the HSBC/APUT index; the total NAV of UK funds surveyed was e22bn.
The Netherlands has the second largest total, with
15 funds and total NAV of e7bn.
Of the funds surveyed, 87 are currently focused on one country. Sector diversified funds account for e62bn of the total NAV, while funds focused on a single sector account for €12bn of the total NAV.

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