INREV has launched indices measuring the annual and quarterly performance of Germany’s Spezialfonds and Publikumsfonds.

The association said it had been supported by data and market insight from the German Investment Funds Association (BVI), which has contributed its data and market insight to the initiative.

Matthias Thomas, chief executive at INREV, said the index would allow vehicle performance to be broken down by domicile and legal structure.

“This has only been possible because of the appetite of our members for greater market transparency, so we are pleased to further this important cause and will continue to do so,” he said.

INREV’s German Vehicles Index 2016 includes historical BVI data on Germany-based non-listed real estate vehicles dating back to 2001.

The association said the number of vehicles had grown from 25 to 177 at the end of 2015, with total net asset value more than tripling over that period, from €30.9bn to €97.8bn.

Germany-based vehicles have delivered positive total returns in all but one year from 2001 to 2015.

Spezialfonds, open to institutional investors only, outperformed Publikumsfonds over that period, with average annual returns of 3.8% compared with 2.1%.

INREV said that, based on 2015 performance, current momentum was with Spezialfonds, which returned 5.1% compared with the 2% achieved by Publikumsfonds.