The Q1 2016 Preqin Quarterly Update Real Estate...targets in Q1 2016 compared with the past few years, with just under two-thirds of funds closing at or above their target size (Fig

alternative assets. intelligent data.

Content includes...

Fundraising Smallest number of funds closed in a single quarter since Q1 2010.

Funds in MarketNumber of funds in market at an all-time high.

Dry PowderReal estate dry powder reaches a record $230bn.

Investors in Private Real EstateAppetite for value added strategies increases.

Fund Performance PrEQIn Real Estate Index has seen continued growth over the past 16 quarters.

The Q1 2016Preqin Quarterly Update

Real Estate Insight on the quarter from the leading provider of alternative assets data

The Preqin Quarterly Update: Real Estate, Q1 2016

Download the data pack at:www.preqin.com/quarterlyupdate

2 © 2016 Preqin Ltd. / www.preqin.com

All rights reserved. The entire contents of Preqin Quarterly Update: Real Estate, Q1 2016 are the Copyright of Preqin Ltd. No part of this publication or any information contained in it may be copied, transmitted by any electronic means, or stored in any electronic or other data storage medium, or printed or published in any document, report or publication, without the express prior written approval of Preqin Ltd. The information presented in Preqin Quarterly Update: Real Estate, Q1 2016 is for information purposes only and does not constitute and should not be construed as a solicitation or other offer, or recommendation to acquire or dispose of any investment or to engage in any other transaction, or as advice of any nature whatsoever. If the reader seeks advice rather than information then he should seek an independent fi nancial advisor and hereby agrees that he will not hold Preqin Ltd. responsible in law or equity for any decisions of whatever nature the reader makes or refrains from making following its use of Preqin Quarterly Update: Real Estate, Q1 2016.

While reasonable efforts have been made to obtain information from sources that are believed to be accurate, and to confi rm the accuracy of such information wherever possible, Preqin Ltd. does not make any representation or warranty that the information or opinions contained in Preqin Quarterly Update: Real Estate, Q1 2016 are accurate, reliable, up-to-date or complete.

Although every reasonable effort has been made to ensure the accuracy of this publication Preqin Ltd. does not accept any responsibility for any errors or omissions within Preqin Quarterly Update: Real Estate, Q1 2016 or for any expense or other loss alleged to have arisen in any way with a reader’s use of this publication.

Foreword - Andy Moylan, Preqin

Fundraising remained relatively strong in Q1 2016, with 44 funds closed securing $21bn, the same amount as was raised in Q4 2015. However, this is a 48% decrease in capital raised compared with the post-GFC high of $41bn raised in Q3 2015. It is still the largest real estate fi rms that dominate the market: two-thirds of total capital raised came from the top 10 largest funds to close in Q1.

With dry powder continuing to rise to record levels ($230bn), there are still concerns that real estate in some markets may be overpriced. With continued demand for real estate and the resulting increase in valuations, the performance of the asset class has remained strong. Closed-end private real estate funds have posted positive average changes in NAV for 21 consecutive quarters, and the PrEQIn All Real Estate Index has shown continued growth, nearing the peak seen in 2008. The fundraising slowdown seen in Q4 2015 and Q1 2016 compared with the capital raised in Q2 and Q3 2015 could be a refl ection of unease among investors regarding real estate’s prospects in the coming quarters. Fund managers could therefore continue to fi nd fundraising challenging throughout 2016, with a record 492 funds currently seeking capital.

Preqin’s Real Estate Online is an indispensable tool for all fi rms looking to market funds, develop new business or fi nd new partners in the coming months. Behind every data point in this report is a wealth of individual fi rm- and fund-level data available on Preqin’s leading online services. We hope you fi nd this report useful, and welcome any feedback you may have. For more information, please visit www.preqin.com or contact [email protected].

Key Facts: Q1 2016

Number of private real estate funds currently in market, an all-time high.

46%Proportion of investors planning to commit $100mn or more to private real estate funds in the next 12 months.

66%Proportion of total capital raised by the top 10 largest private real estate funds closed this quarter.

$230bnAmount of dry powder held in private real estate funds, an all-time high.

$3.3bnAmount of capital raised by Rockpoint Real Estate Fund V, the largest private real estate fund to close in Q1 2016.

Number of North America-focused private real estate funds closed in Q1, compared with 14 in Europe and seven in Asia.

492

21



Fundraising in Q1 2016 4

Funds in Market 6

Dry Powder 7

Institutional Investors in Private Real Estate 9

Fund Performance 10

Contents

Data Source:

Preqin’s Real Estate Online is the leading source of intelligence on the private real estate fund industry and contains details for all aspects of the asset class, including net-to-investor fund performance, fundraising information, institutional investor profi les, fund manager profi les and more.

Constantly updated by our team of dedicated researchers, it represents the most comprehensive source of industry intelligence available today, with global coverage and a wide variety of information included.

For more information, or to arrange a demo, please visit: www.preqin.com/reo




Fundraising in Q1 2016

While Q1 2016 saw the smallest number (44) of funds closed in a single quarter since Q1 2010, the $21bn raised is the same amount as was secured in Q4 2015 (Fig. 1). Indicative of capital concentration among the largest real estate fi rms, the 10 largest funds to reach a fi nal close this quarter accounted for two-thirds ($14bn) of the total capital raised; consequently, the average size of the remaining 34 funds was only $220mn.

North America-focused vehicles have continued to dominate fundraising, with 48% of funds closed and over half the capital raised in Q1 targeting the region (Fig. 2). Europe-focused funds have raised $1.6bn more than in Q4 2015, representing 35% of the aggregate capital raised globally in Q1 2016. There

continues to be strong demand for higher risk strategies, with 82% of the capital raised directed to value added and opportunistic funds (Fig. 3).

The average time taken for funds to reach a fi nal close in Q1 2016 remained the same as in 2015, at 18 months (Fig. 4). Despite the limited number of funds closing, fund managers have been more successful in achieving or surpassing their targets in Q1 2016 compared with the past few years, with just under two-thirds of funds closing at or above their target size (Fig. 5). Additionally, no funds closed in Q1 raised less than half of their initial target.

Key Fundraising Facts: Q1 2016

$21bnAmount of capital raised by closed-end private real estate funds.

65%Proportion of funds closed that reached or exceeded their initial target size.

$3.3bnCapital raised by Rockpoint Real Estate Fund V, the largest fund to close in the quarter.

18 MonthsAverage time spent in market by funds closed in Q1 2016.

4148 46

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No. of Funds Closed Aggregate Capital Raised ($bn)

Fig. 1: Global Quarterly Closed-End Private Real Estate Fundraising, Q1 2010 - Q1 2016

Source: Preqin Real Estate Online

Date of Final Close

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No. of FundsClosed

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Fig. 2: Closed-End Private Real Estate Fundraising in Q1 2016 by Primary Geographic Focus

Source: Preqin Real Estate OnlinePrimary Geographic Focus



5© 2016 Preqin Ltd. / www.preqin.com

1615

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Fig. 3: Closed-End Private Real Estate Fundraising in Q1 2016 by Primary Strategy

Source: Preqin Real Estate OnlinePrimary Strategy

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Fig. 4: Average Time Taken for Closed-End Private Real Estate Funds to Achieve Final Close, 2010 - Q1 2016


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Fig. 6: 10 Largest Closed-End Private Real Estate Funds Closed in Q1 2016

Fund Firm Fund Size (mn) Strategy Geographic Focus

Rockpoint Real Estate Fund V Rockpoint Group 3,300 USDDistressed,

Opportunistic, Value Added

US, UK

Westbrook Real Estate Fund X Westbrook Partners 2,850 USD Value Added Global

PW Real Estate Fund III PW Real Assets 1,500 EUR Opportunistic West Europe

AgFe Real Estate Senior Debt Floating Rate Fund AgFe 910 GBP Debt UK

Brockton Capital III Brockton Capital 860 GBP Opportunistic, Value Added UK

CBRE GIP European Value-Add Fund CBRE Global Investment Partners 840 USD Value Added Europe

Cheyne Real Estate Credit Holdings III Cheyne Capital Management 770 USD Core and Debt Europe

Invesco Real Estate Fund IV Invesco Real Estate 750 USD Value Added US

GreenOak Asia II GreenOak Japan 650 USD Opportunistic, Value Added Japan

IMT Capital Fund IV IMT Capital 630 USD Value Added US


13% 11% 7% 6%

37%35%

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2012 2013 2014 2015 Q1 2016

125% or More

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Fig. 5: Closed-End Private Real Estate Funds by Proportion of Target Size Achieved, 2012 - Q1 2016


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Date of Final Close

Data Source:

Preqin’s Real Estate Online contains detailed information on more than 5,300 private real estate funds. View which fund managers are currently on the road raising a private equity real estate fund or will be coming to market soon.

Analyze fundraising over time by fund strategy, property type and location.

For more information, or to arrange a demo, please visit:

www.preqin.com/reo




Funds in Market

Indicative of a competitive fundraising environment, the number of closed-end private real estate funds in market has reached a new record high in Q2 2016, with 492 vehicles looking to raise $175bn (Fig. 1). The majority (59%) of funds in market are primarily targeting North America, with the region also representing 54% of the total targeted capital (Fig. 2). Europe-focused vehicles account for a fi fth of funds in market, followed by those targeting Asia (12%), with funds focused outside the aforementioned regions accounting for 9% of vehicles seeking capital.

As seen in Fig. 3, 61% of funds in market have been raising capital for over a year, up from 53% in Q1 2015, further illustrating the competitiveness of the fundraising market. Over a quarter (28%) of funds that have yet to hold an interim close have launched in the past six months, while 73% of vehicles that have held at least one interim close have been on the road for over a year.

Blackstone Real Estate Partners Europe V, launched at the beginning of 2016, is the largest fund in market at present, targeting €7bn for investment in distressed and opportunistic opportunities across Western Europe (Fig. 4).

Fig. 4: Five Largest Closed-End Private Real Estate Funds Currently in Market

Fund Firm Fund Size (mn) Strategy Geographic FocusBlackstone Real Estate Partners Europe V Blackstone Group 7,000 EUR Distressed,

Opportunistic Western Europe

Brookfi eld Strategic Real Estate Partners II Brookfi eld Asset Management 7,000 USD Opportunistic Global

Oaktree Real Estate Opportunities Fund VII Oaktree Capital Management 3,000 USD Debt, Distressed,

Opportunistic Global

Hermes Real Estate Senior Debt Fund Hermes Real Estate 1,500 GBP Debt UK

Cerberus Institutional Real Estate Partners IV

Cerberus Real Estate Capital Management 1,500 USD CMBS, Distressed North America,

Western Europe


448 438 453 466 467 468 466 478 470423 429

451489 492

149 150 160 163 163 164 165 165 163 164 153 155 174 175

0

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Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2013 2014 2015 2016

No. of Funds Raising Aggregate Target Capital ($bn)

Fig. 1: Closed-End Private Real Estate Funds in Market over Time, Q1 2013 - Q2 2016


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No. of FundsRaising

AggregateTargetCapital ($bn)

Fig. 2: Closed-End Private Real Estate Funds in Market by Primary Geographic Focus

Source: Preqin Real Estate OnlinePrimary Geographic Focus

21%28%

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All Funds Funds Yet toHold an Interim

Close

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Close

More than 24Months

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Fig. 3: Closed-End Private Real Estate Funds in Market by Time Spent on the Road


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Dry Powder

Real estate dry powder continued to rise during Q1 of this year and now stands at a record $230bn, having increased by approximately $20bn since the end of 2015 (Fig. 1).

As seen in Fig. 2, funds primarily focused on investments in North America have the largest proportion (58%) of capital available and have witnessed faster growth than funds focused on any other region in recent years; dry powder has increased by 30% since December 2014, more than Europe-focused (+5%) and Asia-focused (+4%) funds and funds focused elsewhere (-9%). Europe-focused funds currently hold $59bn (26% of estimated global real estate dry powder), while $28bn (12%) is available for opportunities in Asia and $10bn (4%) is held by funds focused outside the aforementioned regions.

All private real estate strategies, with the exception of distressed real estate, have seen an increase in dry powder since the end of 2015, with higher risk funds holding the majority (66%) of available capital (Fig. 3). Opportunistic vehicles have the highest amount of capital available at $97bn, followed by value added funds ($55bn). These amounts are signifi cantly higher than the lower risk strategies; closed-end core and core-plus vehicles hold $22bn and $12bn respectively.

132

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Fig. 1: Closed-End Private Real Estate Dry Powder, December 2006 - March 2016


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Fig. 2: Closed-End Private Real Estate Dry Powder by Fund Primary Geographic Focus, December 2006 - March 2016


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Fig. 3: Closed-End Private Real Estate Dry Powder by Strategy, December 2006 - March 2016


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Data Source:

Preqin’s Real Estate Online is the leading source of intelligence on the private real estate fund industry and contains details for all aspects of the asset class, including net-to-investor fund performance, fundraising information, institutional investor profi les, fund manager profi les and more.

Constantly updated by our team of dedicated researchers, Real Estate Online represents the most comprehensive source of industry intelligence available today, with global coverage and a wide variety of information included.

For more information, or to arrange a demonstration, please visit:

www.preqin.com/reo


Source new investors for funds

Identify new investment opportunities

Conduct competitor and market analysis

Compare fund performance against industry benchmarks

Develop new business

Register for demo access to find out how Preqin’s Real Estate Online can help your business:

www.preqin.com/realestate





Institutional Investors in Private Real Estate

Exposure to value added strategies is widely targeted by institutional investors, with the majority (61%) of investors seeking new commitments to private real estate funds in the next 12 months targeting such vehicles – a 10 percentage point increase from Q1 2015 (Fig. 1). Additionally, half of investors are looking to commit to opportunistic vehicles in the next 12 months, a similar proportion to the previous year. Indicative of investors’ preference for higher risk funds over the next year, appetite for core vehicles has dropped 15 percentage points compared with Q1 2015.

There is strong demand for European real estate, with Europe surpassing North America as the preferred region for investment in the year ahead, having increased by 15 percentage points since Q1 2015 (Fig. 2). North America remains a target for 46% of investors, and just over a third of investors are looking to invest in the asset class globally in the coming year.

In the next 12 months, over a third (36%) of investors committing to private real estate funds are planning to commit less than $50mn (Fig. 3). However, a signifi cant proportion (46%) of institutions expect to commit $100mn or more, including 13% looking to invest $300mn or more. Encouragingly, the majority (59%) of investors plan to make at least four commitments in the next 12 months (Fig. 4).

51%47%

56%

29%

16%13%

61%

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Fig. 1: Strategies Targeted by Private Real Estate Investors in the Next 12 Months, Q1 2015 vs. Q1 2016


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Strategy Targeted

55%

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Fig. 2: Regions Targeted by Private Real Estate Investors in the Next 12 Months, Q1 2015 vs. Q1 2016


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Region Targeted

36%

18%

33%

13%

Less than $50mn

$50-99mn

$100-299mn

$300mn or More

Fig. 3: Amount of Capital Investors Plan to Commit to Private Real Estate Funds in the Next 12 Months


13%

28%

52%

7%

1 Fund

2-3 Funds

4-9 Funds

10 Funds or More

Fig. 4: Number of Private Real Estate Funds Investors Plan to Commit to in the Next 12 Months


Preqin Investor Outlook: Real Estate, H1 2016

For more in-depth analysis on real estate investors, please see our Investor Outlook: Real Estate, H1 2016, which contains detailed information on investors’ portfolios, future plans, confi dence in different asset classes, concerns for the future and more.

www.preqin.com/investoroutlook




Fund Performance

Closed-end private real estate funds have experienced positive average changes in NAV for every quarter over the past fi ve years (Fig. 1). Furthermore, the PrEQIn Real Estate Index, which currently stands at 95.5 (rebased to 100 as of 31 December 2007), has seen continued growth over the past 16 quarters (Fig. 2). With the exception of vintage years 2005 and 2006, more capital has been paid out or remains in fund portfolios than was initially invested (Fig. 3). It will be interesting to see whether funds investing at the time of the subprime mortgage crisis, which are nearing the end of their lifespans, will be able to distribute capital back to investors to the extent the median RVPI ratios suggest.

Real estate was the worst performing strategy compared with other private capital strategies across the three-year periods between March 2012 and March 2013; however, in the three years to June 2015 the horizon IRR for real estate was 15.9%, compared to buyout (+18.5%), venture capital (+17.0%) and mezzanine (+12.8%). Funds of vintage years 2008-2013 are posting relatively strong returns; however, they are still yet to exceed those of earlier vintages (Fig. 5).

-0.4%

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Fig. 1: Closed-End Private Real Estate Quarterly Average Change in NAV, Q1 2010 - Q2 2015


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PrEQIn All Real Estate

PrEQIn Value Added

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PrEQIn Real EstateDebt

Fig. 2: PrEQIn Index: Real Estate by Strategy


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Residual Value to Paid-in Capital (%)Distributions to Paid-in Capital (%)Called-up to Committed Capital (%)

Fig. 3: Closed-End Private Real Estate Funds: Median Called-up, Distributed and Residual Value Ratios by Vintage Year


Vintage Year

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Real Estate

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Fig. 4: Three-Year Rolling Horizon IRRs, March 2012 - June 2015


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Fig. 5: Closed-End Private Real Estate: Median Net IRRs and Quartile Boundaries by Vintage Year


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Vintage Year

Investor Analyst: The True PerspectiveSee how investment strategies measure up

View investors in a new way: alongside a tailor-made group of their peers. Investor Analyst generates custom visual reports to compare an investor’s allocations, preferences and investment plans.

www.preqin.com/investoranalyst



Preqin Real Estate Online

With global coverage and detailed information on all aspects of the real estate asset class, Preqin’s industry-leading Real Estate Online service keeps you up-to-date on all the latest developments in the real estate universe.

Source new investors for funds and co-investments

Find the most relevant investors, with access to detailed profi les for over 5,100 institutional investors actively investing in real estate, including insurance companies, pension funds, sovereign wealth funds, family offi ces, foundations, wealth managers, endowment plans, banks and more.

Identify potential investment opportunities

View in-depth profi les for over 5,300 private real estate funds encompassing all strategies, including core, core-plus, value added, opportunistic, debt, distressed and fund of funds.

Find active fund managers in real estate

Search for fi rms actively targeting real estate investments, with detailed profi les on over 3,200 fund managers from around the world, including background, key contacts and funds raised.

Analyze the latest real estate fundraising activity

See which fund managers are currently on the road raising private real estate funds and which will be coming to market soon. Analyze fundraising over time by fund strategy, property type and location.

Benchmark performance

Identify which fund managers have the best track records with performance benchmarks for real estate funds and performance details for over 1,400 individual named funds.

Examine fund terms

Use our unique Fund Terms Calculator to model fee changes and see: what are the typical terms that a real estate fund charges? What are the implications of making changes to different fees? How do these fees vary between fund type and strategy?

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The Q1 2016Preqin Quarterly Update:

Real Estate

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NY 10165Tel: +1 212 350 0100

Fax: +1 440 445 9595

London:3rd Floor

Vintners’ Place68 Upper Thames Street

LondonEC4V 3BJ

Tel: +44 (0)20 3207 0200Fax: +44 (0)87 0330 5892

Singapore:One Finlayson Green, #11-02

Singapore 049246Tel: +65 6305 2200

Fax: +65 6491 5365

San Francisco:One Embarcadero Center

Suite 2850San Francisco

CA 94111Tel: +1 415 316 0580

Fax: +1 440 445 9595

Hong Kong:Level 9, Central Building

1-3 Pedder StreetCentral, Hong Kong

Tel: +852 3958 2819Fax: +852 3975 2800

Manila:Pascor Drive

Sto. NiñoParañaque City

Metro Manila 1700Philippines

Email: [email protected]: www.preqin.com

Documents

The Q1 2016 Preqin Quarterly Update Real Estate...targets in Q1 2016 compared with the past few years, with just under two-thirds of funds closing at or above their target size (Fig