Partners Group Global Real Estate Fund AUD seeks to provide investors with attractive long-term capital appreciation by investing in a globally diversified portfolio of real estate and related investments by investing the Underlying Fund. The principal elements of the Underlying Fund’s investment strategy include (i) asset allocation broadly across private real estate markets and related asset classes, (ii) sourcing investment opportunities, (iii) selecting the investments that are believed to offer superior relative value, (iv) seeking to manage the investment level and liquidity, and (v) seeking to manage risk through ongoing monitoring of the portfolio. The Fund appeals to high-net-worth investors seeking access to an institutional grade offering, real estate secondaries and global private real estate. Local real estate investors seeking diversification from a truly global portfolio (i.e. multiple ‘property clocks’) and immediate deployment of capital without foregoing liquidity (liquidity subject to certain restrictions).
August NAV per share increased by 0.8%
In August, the NAV per share of the Partners Group Global Real Estate Fund (AUD) increased by 0.8% forthe partially hedged share class. Respectively, the NAV forthe unhedged share class increased by 3.1%.
Partners Group received proceeds from the sale of Tokyo Office Asset (Tama Centre), a 34’000sqm grade A office building located in Tama New Town, about 25km from central Tokyo, Japan. The asset was sold in line with underwritten expectations. Constructed in 2002 and acquired in 2020 by Partners Group. The eight-story property is fully leased to a blue-chip Japanese company at the time of sale. The asset was sold to a Japanese institutional investor. Over the holding period, value creation initiatives that were executed include obtaining a Superior CASBEE ESG rating, improving tenant office spaces, completing common area upgrades and execution of lease renewals.
Partners Group acquired Northern Italian Last Mile Logistics Portfolio, consisting of five last mile and big-box logistics development projects in Northern Italy. The development plots are located across the Veneto supplychain corridor that connects Italy, France, Portugal, and Spain to key manufactory and logistics hubs situated in the Central and Eastern Europe and the Baltics. Partners Group acquired the investment through a joint venture with the Veneto-based developer and Italy-focused operator of the investment. The business plan involves a 10-month capital expenditure program, implementing sustainability initiatives, and leasing up to achieve about 95% stabilized occupancy
What is Partners Group Global Real Estate Fd AUD Partners Group Global Real Estate Fd AUD is an Managed Funds investment product that is benchmarked against Dvlp Global Real Estate and sits inside the Property - Unlisted and Direct Property Index. Think of a benchmark as a standard where investment performance can be measured. Typically, market indices like the ASX200 and market-segment stock indexes are used for this purpose. The Partners Group Global Real Estate Fd AUD has Assets Under Management of 317.44 M with a management fee of 1.75%, a performance fee of 0.00% and a buy/sell spread fee of 0%.
How has the investment product performed recently?
The recent investment performance of the investment product shows that the Partners Group Global Real Estate Fd AUD has returned -1.93% in the last month. The previous three years have returned 2.23% annualised and 5.42% each year since inception, which is when the Partners Group Global Real Estate Fd AUD first started.
How is risk measured in this investment product?
There are many ways that the risk of an investment product can be measured, and each measurement provides a different insight into the risk present. They can be used on their own or together to perform a risk assessment before investing, but when comparing investments, it is common to compare like for like risk measurements to determine which investment holds the most risk. Since Partners Group Global Real Estate Fd AUD first started, the Sharpe ratio is 0.54 with an annualised volatility of 5.42%. The maximum drawdown of the investment product in the last 12 months is -4.12% and -10.5% since inception. The maximum drawdown is defined as the high-to-low decline of an investment during a particular time period.
What is the relative performance of the investment product?
Relative performance is what an asset achieves over a period of time compared to similar investments or its peers. Relative return is a measure of the asset's performance compared to the return to the other investment. The Partners Group Global Real Estate Fd AUD has a 12-month excess return when compared to the Property - Unlisted and Direct Property Index of 1.18% and -0.2% since inception.
Does the investment product produce Alpha over its Peers?
Alpha is an investing term used to measure an investment's outperformance relative to a market benchmark or peer investment. Alpha describes the excess return generated when compared to peer investment. Partners Group Global Real Estate Fd AUD has produced Alpha over the Property - Unlisted and Direct Property Index of -0.44% in the last 12 months and 0.05% since inception.
What are similar investment products?
For a full list of investment products in the Property - Unlisted and Direct Property Index category, you can click here for the Peer Investment Report.
What level of diversification will Partners Group Global Real Estate Fd AUD provide?
Partners Group Global Real Estate Fd AUD has a correlation coefficient of 0.73 and a beta of 0.28 when compared to the Property - Unlisted and Direct Property Index. Correlation measures how similarly two investments move in relation to one another. This establishes a 'correlation coefficient', which has a value between -1.0 and +1.0. A 100% correlation between two investments means that the correlation coefficient is +1. Beta in investments measures how much the price moves relative to the broader market over a period of time. If the investment moves more than the broader market, it has a beta above 1.0. If it moves less than the broader market, then the beta is less than 1.0. Investments with a high beta tend to carry more risk but have the potential to deliver higher returns.
How do I compare the investment product with its peers?
For a full quantitative report on Partners Group Global Real Estate Fd AUD and its peer investments, you can click here for the Peer Investment Report.
How do I compare the Partners Group Global Real Estate Fd AUD with the Dvlp Global Real Estate?
For a full quantitative report on Partners Group Global Real Estate Fd AUD compared to the Dvlp Global Real Estate, you can click here.
Can I sort and compare the Partners Group Global Real Estate Fd AUD to do my own analysis?
To sort and compare the Partners Group Global Real Estate Fd AUD financial metrics, please refer to the table above.
Has the Partners Group Global Real Estate Fd AUD been independently verified by SMSF Mate?
This investment product is in the process of being independently verified by SMSF Mate. Once we have verified the investment product, you will be able to find more information here.
How can I invest in Partners Group Global Real Estate Fd AUD?
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Comments from SMSF Mates
SMSF Mate does not receive commissions or kickbacks from the Partners Group Global Real Estate Fd AUD. All data and commentary for this fund is provided free of charge for our readers general information.
Performance Commentary - July 31, 2023 In July, the NAV per share of the Partners Group Global Real Estate Fund (AUD) decreased by 0.1% forthe partially hedged share class. Respectively, the NAV forthe unhedged share class decreased by 0.8%.
July NAV per share decreased by 0.1% In July, Partners Group invested in Phoenix Industrial Portfolio (The Base) to fund the development of a 2.0 million sqft industrial project in the West Valley submarket of Phoenix, Arizona. The industrial project will be developed in two phases, and it is anticipated that it will take 15 months to complete Phase I. Acquired in October 2022, Phoenix Industrial Portfolio (The Base) will comprise 15 class A buildings ranging from approximately 40’000- 310’000sqft in size and will target general industrial, manufacturing, and light assembly tenants.
Over the period, Paris Office Asset (Colombes) secured a new lease with the French national employment agency to occupy two floors in building A. The 6’116 sqm lease has a term of approximately 10 years, with a rental rate in line with the latest underwriting. The transaction is the largest in the Colombes submarket to date. Following this lease, building A’s occupancy rate increased to more than 80% from about 40% as of July 2023. Acquired in 2020, Paris Office Asset (Colombes) is a 26’946 sqm office asset which consists of two separate buildings located in the Colombes submarket in northwest Paris, France.
Performance Commentary - June 30, 2023 In June, the NAV per share of the Partners Group Global Real Estate Fund (AUD) decreased by 2.0% forthe partially hedged share class. Respectively, the NAV forthe unhedged share class decreased by 3.4%.
June NAV per share decreased by 2.0% In June, Partners Group invested capital in Columbus and Orlando Industrial Portfolio to fund the ongoing development of a state-of-the-art ~440’000sqft warehouse facility in Orlando, Florida. Construction of the asset began in May 2023 and is expected to be completed around April 2024. Columbus and Orlando Industrial Portfolio was acquired in August 2022 and also includes a 1.3 million sqft bulk distribution center development project in Columbus, Ohio, which is more than 50% completed in May and expected substantial completion by end of 2023.
Over the period, French Mountain Residences (Lachat) was revalued upward due to the positive financial performance of the premium residences located in high-end ski resorts in the French Alps. As of 31 March 2023, French Mountain Residences (Lachat) reached above-budget turnover during the winter season while bookings for the summer season are expected to increase by 17% compared to last year. French Mountain Residences (Lachat) comprises 35 4-star residences with a total of ~2’400 self-catered apartments.
For further information, please enjoy ourlatest Partners Group Global Real Estate Fund (AUD) product video with Max Ilmoni, Managing Director, Private Real Estate, in the link or via the below QR code.
Performance Commentary - May 31, 2023 In May, the NAV per share of the Partners Group Global Real Estate Fund (AUD) increased by 0.1% forthe partially hedged share class. Respectively, the NAV forthe unhedged share class increased by 1.4%. The main performance driver was currency movements. Since the lastreport, there has been two noteworthy event for US Single Family Rental Portfolio (Kairos) and China Luxury Outlet Malls (Silkroad II).
In May, Partners Group invested additional capital in US Single Family Rental Portfolio (Kairos) to finance the acquisition of additional homes. During H1 2023, approximately 250 homes have been acquired, in line with the value creation strategy of acquiring and developing single family rental properties across the Sunbelt region. As of 31 May 2023, US Single Family Rental Portfolio (Kairos) comprises of homes located regions observing in-migration trends and supply/demand imbalances with increasing unaffordability homeownership, with the majority of the homes located in Texas, Alabama, Georgia, Florida, and Oklahoma.
Furthermore, Partners Group received proceeds from China Luxury Outlet Malls (Silkroad II) from the sale of Florentia Village Guangzhou-Foshan, a luxury outlet mall with a gross leasable area of ~45’000 sqm in Foshan, Guangdong province. During the holding period, active leasing activities increased the asset’s occupancy and was offered for sale upon being stabilized. On the back of NOI growth, the asset was sold at 5% above underwriting. China Luxury Outlet Malls (Silkroad II) originally comprised of a portfolio of six luxury outlet malls across tier one and two cities in China. The investment partner will carry out planned expansion initiatives, stabilize operations, and consider exit opportunities for remaining properties in the near- to midterm.
For further information, please enjoy ourlatest Partners Group Global Real Estate Fund (AUD) product video with Max Ilmoni, Managing Director, Private Real Estate, in the link or via the below QR code.
Performance Commentary - April 30, 2023 In April, the NAV per share of the Partners Group Global Real Estate Fund (AU D) increased by 0.7% for the partially hedged share class. Respectively, the NAV for the unhedged share class increased by 1.5%. While both non-listed and listed portfolio receiving minor upward value adjustments, the main performance drivers were related to currency movements.
Since the last month’s reporting period, there was one notable event in the underlying portfolio investments, namely the US Multifamily Port-folio (Hamilton).
Partners Group has refinanced one loan secured by three contiguous asse-ts – two multifamily assets and one land asset – located in Austin, Texas in April 2023. Both multifamily assets were financed individually at attractive loan terms for a 10-year duration. We anticipate this debt will provide an in-creased flexibility for advancing the business plan. The recapitalization of the US Multifamily Portfolio was made by Partners Group in 2018, the portfolio currently comprises of two student housing assets, two multifamily assets, one land parcel, and two retail centers located in Austin and Dallas, Texas.
Performance Commentary - March 31, 2023 In March, the NAV per share of the Partners Group Global Real Estate Fund (AUD) decreased by 1.3% forthe partially hedged share class. Resp – ectively, the NAV forthe unhedged share class decreased by 0.8%. Redemption Fee In the interest of both redeeming and remaining investors, please take into consideration the 4% sell spread introduced last yearforthe benefit of the fund, effective from the November cut-off date (15 November 2022) until further notice During the reporting period, the valuation of European Budget Hotel Platform (Marmor Co-Investment) increased to reflect the higher total revenue per available room across the portfolio compared to the prior quarter.
Furthermore, Globally Diversified Fund Portfolio (Village) distributed proceeds from the sale of several assets in a 2007-vintage Europe-focused fund. Further proceeds are expected to be distributed once the wind-down of the fund has been completed. Globally Diversified Fund Portfolio (Village) comprises a portfolio of six funds invested in office, residential and retail assets located across geographies such as China, India, France, Hong Kong and the US.
Performance Commentary - February 28, 2023 In February, the NAV per share of the Partners Group Global Real Estate Fund (AUDI increased by 1.3%for the partially hedged share class. ResP – ectively, the NAV for the unhedged share class increased by 4.096.
During the reporting period, capital was inverted in Spanish Logistics Port-folio primarily to finance the acquisition of a development project to build multi-tenant logistics asset with a total gross leasable area of around 130000sqm. The development is located in Ontigola, Toledo, which is about a 40-minute drive from Madrid and is one of Spain’s key logistics corridors for larger platforms servicing the entire country. As of 31 March 2023, Spanish Logistics comprised eight logistics properties and six development projects located across Barcelona and Madrid.
Furthermore, Project Immo IV (European Mixed Use) distributed proceeds from the secondary sale of a 200]-vintage riml estate fund focused on Central and Eastern Europe regions. Over the holding period, the fund completed several realNations of assets in IN portfolio including most recent sale of a 50’01110s, class A office building in Belgrade, Serbia. The property accommodates premium office areas, leasing to prominent tenants. The asset was also the first BREEAM certified building and first Green building in the country recognized by any accreditation system. As of 31 December 2022, the fund held a remaining investment in its retail portfolio and two assets in its land development portfolio.
Performance Commentary - November 30, 2022 In November, the NAV per share of the Partners Group Global Real Estate Fund (AU D) decreased by 1.5% for the partially hedged share class. Resp-ectively, the NAV for the unhedged share class decreased by 4.0%.
During the reporting period, Partners Group made an additional commitment to Columbus and Orlando Industrial Portfolio (TPA) to fund the acquisition of a state-of-the-art 438’720sqft warehouse facility development project. The warehouse will feature a cross-dock configuration with 200ft deep truck courts, ample room for truck queuing, full circulation drive, and com-plete separation between trucks and automobiles. Located in Orlando, the warehouse offers direct access to Florida’s primary transportation facilities, including the Beachline Expressway, railway, cruise port, and the Orlando International Airport.
Furthermore, Peakside Real Estate Fund III distributed proceeds mainly from the ongoing sale of a 38’223sqm office asset in Hamburg, Germany. The property accounted for approximately 30% of the portfolio NAV as of 30 September 2022. Acquired in July 2019 as a protected landmark property with a 30-year lease agreement with the local government, the asset is currently being repositioned into a modern office complex. The sale of the asset will be finalized upon completion of repositioning works in 2025.
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