Standards

INREV professional standards enable consistency, allow peer-to-peer comparisons and promote market transparency. We are focused on creating an entirely transparent, competitive, efficient and sustainable industry by setting the benchmark for governance, sustainability, accounting and reporting.

Do you have questions about the INREV Guidelines, Assessments or other Standards tools? Please view the FAQ page.

Global
As part of INREV’s efforts to align the non-listed real estate industry globally, INREV, ANREV, NCREIF and PREA are working together to create global standards to align the three regions of Europe, North America and Asia Pacific. The Global Definitions Database (GGD) is a common glossary of non-listed real estate terms, aligning the INREV Guidelines (Europe) with NCREIF PREA Reporting Standards (US) and ANREV definitions.

INREV Guidelines
The INREV Guidelines set the standard for the non-listed real estate industry in Europe and Asia Pacific. They are divided into 9 modules covering best practice for investor reporting, governance structures, valuation, liquidity and more.

Several key standardised templates that support the use of the INREV Guidelines include: Due Diligence Questionnaire (DDQ), Standard Data Delivery Sheet (SDDS), Assessments, Global Definitions Database (GGD), a Non Disclosure Agreement (NDA), a Sales and Purchase Agreement (SPA), Debt and Derivatives Disclosure notes and a *NEW* Rent Collection Disclosure template

Assessments
The Assessments allow fund managers to self-assess their vehicles’ compliance with 7 of the INREV Guidelines’ 9 modules. Vehicles receive a score which can be shared with investors and used for peer-to-peer comparison.

Sustainability
INREV Sustainability Best Practice Guidelines for sustainability reporting include industry crossover between GRESB, GRI, EPRA and INREV.

The Global ESG Library is an interactive library including reports and case studies from our members that illustrate best practice worldwide.

The INREV Guidelines provide a sound basis for consistent and detailed information exchange and reporting to investors. The Guidelines are organised into ten modules and six have assessments.

For an overview of the INREV Guidelines and all the materials that are available to help you more efficiently and effectively implement the Guidelines watch this short two minute video.

INREV Guidelines Modules

Good corporate governance is key to the success and profitability of your business. Corporate governance means the structure, processes, policies and laws that determine how an investment vehicle is managed and controlled.

Clear reporting is essential for maintaining good communications between investors and managers. The Reporting module sets the standard for the transparent investment vehicle and forms the backbone of the INREV Guidelines.

The Property Valuation module promotes best practices for valuation and aims to foster a common approach to the appraisal process. Estimates of market or fair value that follow these guidelines are based on building blocks that allow for clear and full disclosure.

Consistency in performance measurement is essential to achieving greater comparison. The module provides a standardised calculation methodology and allows investors to benchmark investment vehicles.

The INREV NAV improves transparency and comparability of performance across different types of investment vehicles by providing a standard for calculating NAV.

The Fee & Expense Metrics help investors and managers to compare fees and cost structures and explain the calculation of TER and REER.

The Liquidity module promotes best practices and governance in the area of liquidity rights, to make subscription, redemption and pricing mechanisms more transparent.

Up-to-date vehicle data is essential to increase transparency, reduce investment barriers and promote a mature and accessible investment branch. These standard requirements and best practices for data delivery align investors’ and managers’ interests worldwide.

The Code aims to achieve a shared vision on tax matters for the non-listed real estate investment industry

The Sustainability module provides a framework for real estate investment vehicles to consider ESG goals as part of their overall strategy. It guides users in implementing these goals through an appropriate governance framework as well as how to implement ESG best practices into their day-to-day operations.

About INREV Guidelines Review

INREV Guidelines are currently being reviewed - This project has been broken down in two parts.The first phase covers governance and performance measurement topics and the second, due for completion in 2022, will address reporting, property valuation and ESG topics. No material changes are expected for the other remaining modules.

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GLOBAL COMPARISON

The GDD provides a common glossary of non-listed real estate terms. Many terms have been agreed to globally, while others are specific to Asian, European and North American standards, guidelines and data products.

An overview of the main components considered by investment managers used to calculate AUM and an AUM basis of disclosure template to help investment managers facilitate clear and transparent reporting of AUM components.

The main differences when calculating NAVs across regions and the potential impact of these differences.

tel: +31 (0)20 235 8616

constantin.sorlescu@inrev.org

INREV has developed several standardised templates to help exchange information related to a non-listed real estate vehicle between industry participants in an easy and consistent way.

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Our library includes dozens of publications from INREV Professional Standards, including snapshots (publicly available) and full reports (members only). These include liquidity, reporting, fees and other topics.

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INREV and ANREV have merged their libraries of ESG-related resources together to form a shared Global ESG Library for the non-listed real estate industry. Through the Global ESG Library, members will be enabled with robust and evolving depository of featured reports, papers, and case studies ranging from a variety of geographic locations (most notably Europe, and Asia Pacific).

Global ESG Library

The INREV Sustainability Best Practice guidelines highlight best practice for sustainability reporting, providing industry crossover between GRESB, GRI, EPRA and INREV.
Best practice Video

The INREV Quarterly Magazine is the magazine of the non-listed real estate industry. Each quarter we publish articles on our Professional Standards activities.

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INREV Professional Standards are largely the result of several committees dedicated to constantly updating and improving our guidelines and standards. These include committees for Due Diligence, Reporting, Secondary Markets and Liquidity and ESG.

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Standards

INREV Guidelines

INREV Guidelines Modules

Governance

Reporting

Property Valuation

Performance Measurement

INREV NAV

Fee and Expense Metrics

Liquidity

INREV Data Delivery

Code of Tax Conduct

Sustainability

Due Diligence Questionnaire (DDQ)

Standard Data Delivery Sheet (SDDS)

About INREV Guidelines Review

GLOBAL COMPARISON

Global Definitions Database (GDD)

Assets Under Management (AUM)

Net Asset Value (NAV)

Questions about Standards?

Constantin Sorlescu

Related Information

Standardised Templates

Standards publications

ESG - best practice and library

IQ Magazine - Standards articles

Committees

Organisation

Services

Contact