MSCI GERMANY
SFIX QUARTERLYPROPERTY FUND
INDEX_January 2024January 2024

JANUARY 2024

MSCI Germany SFIX Quarterly Property Fund Index |Contents

January 2024

1

Introduction ............................................................................................ 3

2

Methodology Documentation Set ......................................................... 3
2.1 MSCI Real Estate - Index Policies .................................................... 3
2.2 MSCI Property Fund Indexes Methodology ..................................... 3
2.3 MSCI Germany SFIX quarterly Property Fund Index ....................... 3

3 MSCI Germany SFIX Quarterly Property Fund Index SpecificMethodology ................................................................................................. 4
3.1 Initial Inclusion Requirements .......................................................... 4
3.2 Change in Composition .................................................................... 4
3.3 Sub-Indexes....................................................................................... 5
4

Data Provision Requirements ................................................................ 6
4.1 Net Asset Value Reporting Requirements ....................................... 6
4.2 Distributions Data ............................................................................. 6

5

Index Calculation Methodology ............................................................. 7
5.1 Weighting .......................................................................................... 7
5.2 Index Series....................................................................................... 7
5.3 Rules for Performance Reporting .................................................... 7
5.4 Frozen History Reporting.................................................................. 7

6 MSCI Germany SFIX Quarterly Property Fund Index Advisory
Committee .................................................................................................... 8
7

Appendix I ............................................................................................... 9
7.1 Inclusion criteria for MSCI Germany SFIX Quarterly Property Fund
Index........................................................................................................... 98

Appendix II .............................................................................................. 9
8.1 Versioning Table ............................................................................... 9© 2024 MSCI Inc. All rights reserved. Please refer to the disclaimer at the end of this document.

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MSCI Germany SFIX Quarterly Property Fund Index |1

January 2024

Introduction
The objective of the MSCI Germany SFIX Quarterly Property Fund Index (‘MSCI Germany
SFIX’) is to represent the net fund level return of Immobilien-Spezialfonds and open-ended
real estate public funds that are set-up for institutional investors, as regulated by German
investment law (KAGB). The Index is value-weighted, based on the Net Asset Value (NAV)of its constituent property funds each quarter and is denominated in Euros (EUR).

2

Methodology Documentation Set
The construction and maintenance rules for the MSCI Germany SFIX are collectively
described in the following documents:

2.1

MSCI REAL ESTATE - INDEX POLICIESThe MSCI Real Estate – Index Policies document describes the various governance policies
related to the construction, maintenance and termination of the MSCI Private Real Estateindexes to provide consistency in decisions and avoid ambiguity in its responses toparticular events.

2.2

MSCI PROPERTY FUND INDEXES METHODOLOGY
The MSCI Property Fund Indexes Methodology describes the general methodology that isbeing used for the calculation of the MSCI Property Fund Indexes and includes themethodology for the index composition, data requirements and index calculations.

2.3

MSCI GERMANY SFIX QUARTERLY PROPERTY FUND INDEXThis document includes the rules and methods specific to the MSCI Germany SFIX.

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MSCI Germany SFIX Quarterly Property Fund Index |January 2024

3

MSCI Germany SFIX Quarterly Property Fund Index
Specific Methodology

3.1

INITIAL INCLUSION REQUIREMENTS
INCLUSION REQUIREMENTS FOR MSCI GERMANY SFIX QUARTERLY PROPERTY FUNDINDEXIn addition to the standard MSCI requirements for MSCI Property Fund indexes (refer to
MSCI Property Fund Indexes Methodology for further details), there are additional eligibility
requirements for initial inclusion in the MSCI Germany SFIX. The MSCI Germany SFIX
comprises of funds that qualify under German investment law as “Immobilien-SpezialSondervermögen”, and real estate public funds open for investments from institutional
investors only.

3.2

CHANGE IN COMPOSITION
The addition of new funds and withdrawal/termination of existing funds are normal eventsin the evolution of the MSCI Property Fund Indexes. There are additional requirements andclarification for the MSCI Germany SFIX.
New Funds:•

are required to provide sufficient and complete data of their investment performance,
subject to a minimum of either four quarters or the period from date of launch of thefund

Removed/Withdrawn Funds:•

Withdrawal from the Index should be through written communication to MSCI

Re-admitted Funds:••

In order to be re-admitted to the Index, the funds must provide MSCI with the data tocalculate their investment performance during the whole period since their last
inclusion in the Index
Re-admitted funds are subject to the same eligibility requirements as new constituentsFormal communication of a material change in the index composition will be done
through an Index Announcement made available at www.msci.com, in accordance withthe thresholds defined in the MSCI Real Estate – Index Policies.

© 2024 MSCI Inc. All rights reserved. Please refer to the disclaimer at the end of this document.

MSCI.COM | PAGE 4 OF 12

MSCI Germany SFIX Quarterly Property Fund Index |3.3

January 2024

SUB-INDEXESThe MSCI Germany SFIX Index sub-indexes are based on the weights of direct
property market capital value within the constituent funds. The sub-index classifications
are self-reported by MSCI’s data providers at the point of inclusion.
Sub - Index
RegionGermany Funds

Inclusion Criteria

Europe Funds

Less than 70% invested in Germany but greater thanor equal to 70% invested in Europe

SectorOfficeRetailDiversified

Greater than or equal to 70% invested in Germany

Greater than or equal to 70% invested in offices.
Greater than or equal to 70% invested in retailproperties.
No concentration in excess of 70% in a single sector.

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MSCI Germany SFIX Quarterly Property Fund Index |4

Data Provision Requirements

4.1

NET ASSET VALUE REPORTING REQUIREMENTS

January 2024

In addition to the data provision requirements outlined in the MSCI Global Data Standards
for Real Estate Investments, the following requirements are also applicable for NAV data
provision:• Each fund’s NAV should be based on the valuation of at least 95% of the value of its
property portfolio; preferably each quarter but rolling annual valuations are acceptable.
The valuation must also cover properties held through joint ventures or indirect
investments. Any other indirect property investments, such as shares in listed property
companies and derivatives, should also be re-valued.
• Constituents of the Index should calculate their NAV data on a consistent basis fromquarter to quarter. This basis will be either that specified in their own articles ofassociation or equivalent.

4.2

DISTRIBUTIONS DATA
For funds in liquidation that are included in MSCI Germany SFIX, the data provision for
distributions includes both income and capital distributions incurred by the funds.

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MSCI.COM | PAGE 6 OF 12

MSCI Germany SFIX Quarterly Property Fund Index |5

January 2024

Index Calculation Methodology
The MSCI Germany SFIX Quarterly Property Fund Index is constructed by applying theunitized computation methodology as detailed in the MSCI Property Fund Indexes
Methodology.

5.1

WEIGHTING
The funds included in the MSCI Germany SFIX are weighted according to their NAV at the
beginning of the month.

5.2

INDEX SERIESMSCI Germany SFIX and other Sub-Index series starts with a base period of December
2004, except for the MSCI Germany SFIX Retail Funds sub-index which has a base periodof December 2006.

5.3

RULES FOR PERFORMANCE REPORTING
MSCI applies both the standard confidentiality and the fund dominance rules, to determine
if index results will be made available. Please refer to MSCI Property Fund Indexes
Methodology for details.

5.4

FROZEN HISTORY REPORTING
The MSCI Germany SFIX and its sub-indexes are based on frozen methodology, whichmeans they have fixed histories and returns will not be updated when new data becomes
available or corrections are made, unless the historic corrections need to be restated basedon the MSCI Correction Policy1. Therefore, inclusion of a new fund with historical data does
not impact the historical Index returns. MSCI Germany SFIX Quarterly Property Fund Indexand its sub-indexes are frozen as of December 2023

1 Refer MSCI Real Estate – Index Policies for more details© 2024 MSCI Inc. All rights reserved. Please refer to the disclaimer at the end of this document.

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MSCI Germany SFIX Quarterly Property Fund Index |6

January 2024

MSCI Germany SFIX Quarterly Property Fund Index
Advisory Committee
The MSCI Germany SFIX Property Fund Index Advisory Committee is a group of users ofand data providers for the Germany SFIX. The functions of this group include:•

Providing feedback to MSCI on the development of content for the Index.

•

Providing feedback to MSCI on the inclusion and classification rules for funds within
the Index, based on investment mandates and actual data.

•

Providing feedback to MSCI on changes to the technical specifications or the rules of
the Index.

MSCI retains complete editorial control over the Index.

© 2024 MSCI Inc. All rights reserved. Please refer to the disclaimer at the end of this document.

MSCI.COM | PAGE 8 OF 12

MSCI Germany SFIX Quarterly Property Fund Index |January 2024

7

Appendix I

7.1

INCLUSION CRITERIA FOR MSCI GERMANY SFIX QUARTERLY PROPERTY
FUND INDEX
Inclusion criteria – MSCI Germany SFIX Quarterly Property Fund Index
Eligibility reviewed at the point of
Inclusion

Inclusion Rule

Criteria

1. Fund Structure

Funds must qualify under German
investment law as “Immobilien-SpezialSondervermögen” or open-ended realestate public funds

8

Appendix II

8.1

VERSIONING TABLE
Version
V1
V2✓

Publication
Date
February
2022

Key Changes

January 2024

Updated Section 5.4 following the conclusion of MSCI’s
consultation to freeze MSCI Germany SFIX Index and its subindexes

Release of the MSCI Germany SFIX Quarterly Property Fund
Index (Unfrozen) Methodology document© 2024 MSCI Inc. All rights reserved. Please refer to the disclaimer at the end of this document.

MSCI.COM | PAGE 9 OF 12

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MSCI Germany SFIX Quarterly Property Fund Index | January 2024January 2024

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MSCI Germany SFIX Quarterly Property Fund Index | January 2024

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