Chapter 4
Activity Report
2022
This section provides detail into the activities that took place under each of the service divisions.
The INREV Professional Standards programme promotes and advances industry guidelines and standards for the non-listed real estate investment market, in close collaboration with INREV committees and focus groups. The standards are increasingly global in focus, reflecting the evolution of the industry and collaboration with global association partners.
Reporting and NAV continued to be the most used INREV Guidelines modules in 2022, according to the INREV Membership Survey. The Performance Measurement module rose to third place from fourth in 2021.
INREV Guidelines review completed
The most important area of activity for Professional Standards was the continuation and conclusion of the INREV Guidelines Review. The aim of this major industry project launched in 2022 was to ‘future-proof’ the Guidelines, making enhancements and adjustments to better reflect the needs of the industry of today and tomorrow.
The first phase of the Guidelines Review included an update to the Governance and Performance Measurement modules. This was published in January 2022 and will come into effect in January 2023.
During 2022, the second phase of the Guidelines Review, focused on updating the Valuation and Reporting modules and developing a new Sustainability module was completed, ready to be launched in January 2023. This included a seven-week member consultation to give members the opportunity to share their views digitally or at one of three round table events.
The changes made reflected increasing investor needs about enhanced disclosure, as well as evolving regulations, such as SDFR and AIFMD, and sought to build on existing best practice in the industry.
For the Valuation module, the existing guidelines were enhanced to expand the focus on governance, roles and responsibilities, and ensure alignment with the Governance module. New guidelines were introduced relating to the disclosure of sustainability inputs when determining market value, to increase transparency over the potential impact of sustainability factors on valuation outcomes.
In the Reporting module, a set of recommended asset- level reporting guidelines were introduced, while the sustainability reporting guidelines were enhanced, with new ESG KPIs added in line with the latest regulations and industry frameworks, and linked to the new Sustainability module.
The new Sustainability module introduces a generic framework for real estate investment vehicles to consider ESG goals alongside other business objectives, as well as including guidelines to describe the oversight, monitoring and measuring of ESG criteria, and address ESG risks and opportunities specific to real estate. In addition, the module contains a set of considerations to promote transparency on social aspects, including health, safety and wellbeing, stakeholder engagement, and diversity, equity, and inclusion (DEI).
To support implementation, the self assessment was updated for the revised Reporting and Governance modules plus practical examples, change logs and Q&A’s were provided for the updated modules.
Due Diligence Questionnaire (DDQ) updated
The DDQ, which remained the most popular INREV standardised template - used by around 60% of members– was reviewed alongside the INREV Guidelines, to ensure that both were aligned. A dedicated ESG section was added to the vehicle fact sheet, the number of ESG questions was expanded, and these were aligned with the new Sustainability module.
New questions were also included on Anti-Money Laundering (AML) policies and procedures as well as IT, cyber and physical security processes.
Global agenda - a continuing focus
In 2022 ten definitions were added to the Global Definitions Database (GDD), the leading source of definitions for the non-listed real estate industry globally and an important stepping stone toward producing global standards and aligning the INREV Guidelines with the NCREIF PREA Reporting Standards. The new definitions included seven new terms on vehicle life- cycle and capital structure, and three on fund return distribution.
Efforts were also made to promote the use of the Total Global Expense Ratio (TGER), an initiative that was picked up by AREF in the UK. The ratio, which was developed by INREV, ANREV, NCREIF and PREA to globally harmonise measurement of the total fees and costs of real estate investment vehicles, is being used more and more.
Diversity, Equity and Inclusion (DEI)
DEI was not just a key element in the new Sustainability guidelines, but also a growing area of focus for INREV throughout the year. Having participated in 2021 with other industry bodies and Ferguson partners in a survey of industry perspectives on the current DEI landscape, in 2022 a short paper was published and a second survey was launched on DEI In Europe, with a paper published in December. This revealed that European firms are showing signs of increased sophistication on DEI matters, with all respondents offering work-life balance programmes.
INREV is the leading source of industry insight into the European non-listed real estate industry, providing high quality and rigorous research and analysis. A particular focus through 2022 was to develop the capacity for enhanced INREV performance and survey data utlisation and extending the historic data series. The linking of sentiment surveys to market data in Market Insights has proven to be a major success, Preparation for the launch of Consensus Indicator in 2023, which is targeted to become the real estate industry’s equivalent of the PMI Index was completed.
The following research reports were published in 2022:
Topical Research
Quarterly/Annual Research
Technology Short Papers
According to results of the INREV Membership Survey, the following three evergreens are the highest rated research reports:
Enhanced quarterly Market Insights for deeper, richer insights
Apart from the three evergreens noted above, nearly half of members also value the quarterly Market Insights report. This is now one of the most read INREV publications and has been enhanced to link together the various surveys, as well as incorporating both asset and fund level performance. The value of this data has been enhanced by expanding the historical series that underlie it.
Preparations were made to recast the evergreen reports, moving away from the previous descriptive format toward more storytelling, enabled by the potential to link various databases provided by the IT Roadmap. There was also a focus on producing shorter articles rather than full research papers, including nine IQ articles that showcased the breadth and depth of the INREV Index data and survey offer.
The INREV Consensus Indicator: preparing for launch
During 2022, the framework for the INREV Consensus Indicator was developed as a forward looking infusion indicator. INREV has a long history of capturing market sentiment, with the existing sentiment survey now transitioned into this important new initiative – the INREV Consensus Indicator. With the first data collection scheduled for February 2023, the Consensus Indicator will provide quarterly reporting at an aggregate level from Q2 2023. The results will potentially also be divisible into sub indicators covering such areas as the current and future investment market, leasing and operations, and development and lending market conditions.
ESG trends in real estate investing
The ESG KPI data collection project was successfully rolled out in early 2022, with 15 indicators grouped into the ESG Asset Level Index (ALI) data collection and implemented on the INREV Data Platform. Participation was opened to all members, with the focus on those already participating in the financial reporting for the ALI. The first presentations and research showing where individual assets’ and portfolios’ ESG profiles stand in the context of different European markets and sectors and relevant CRREM pathways were made at the INREV Annual Conference and ESG Seminar in June.
Expanding online analytical tools to improve efficiency and allow analysis across all INREV data
The INREV IT infrastructure is being enhanced so that survey data collection, validation and data aggregation can be done on the INREV Data Platform to gain efficiency and improve analytics. In this vein, the Management Fees and Terms data structure was revised and brought onto the new data platform in time for the 2022 data collection. All survey data were uploaded in the data warehouse, and Investment Intentions, Capital Raising and Fund Manager Surveys are now already run using PowerBI. The new design for the Investment Intentions report, which is shorter and allows for more impactful storytelling was implemented.
Enhancing transparency to support the rapid evolution of European non-listed real estate debt
The INREV Debt Vehicles Universe publication was further enhanced with INREV debt and survey data, as well as a contribution from CREFC Europe. The work has proven critical in helping to push for greater transparency. Numerous external presentations and briefings on the topic helped greater engagement with members active in the non-listed real estate space. Debt focused group is working on ESG reporting matrix (in alignment with professional standards), as well as closely following the regulatory developments that will impact the private real estate debt funds.
Taking a global view of research
A new Global Research Committee was established in 2022, including senior investment strategists from the membership of ANREV, INREV and NCREIF. The aim is to develop new big picture research projects of regional significance, including by sharing ideas and methodologies across regions. The first global thought leadership paper under these auspices on the diversification benefits of a global portfolio and risk premia (led by academics) is planned to be launched in 2023. The first Global Market Insights report is also due for launch in February 2023.
INREV’s market information is an important source of accurate and comprehensive data on the non-listed real estate industry. The market information suite – indices, vehicles universes and online interactive analysis tools – supports all aspects of the real estate investment process, from asset allocation to performance measurement and related analytics. It allows market and peer-to-peer comparison and drives greater transparency and accessibility of the European non listed real estate industry.
The INREV Market Information programme incorporated 11 indices in 2022:
Asset level:
- INREV Annual Asset Level Index
- INREV Quarterly Asset Level Index
Fund level:
- INREV Annual Fund Index
- INREV Quarterly Fund Index
- INREV European ODCE Index
- IRR Index
Vehicle level:
- Annual German Vehicles Index
- Quarterly German Vehicles Index
Global:
- GREFI – Global Real Estate Fund Index
- Global IRR Index
- Global Investor Index
Three databases:
- INREV Vehicles Universe
- Debt Funds Universe
- Funds of Funds Universe (INREV and ANREV)
Four online analytical analysis tools:
- Fund Index Analysis Tool
- Asset Level Index Analysis Tool
- German Vehicles Index Analysis Tool
- Investor Vehicle Analysis Tool
The Asset Level Index continues to mature
The INREV Asset Level Index has graduated from its consultation phase with the Q4 2021 release in May 2022. During the year the calculation methodology and sector and life cycle definitions were finalised, the data analysis to showcase the drivers of performance was expanded. It was also agreed that the separate ALI subscription will be removed, with the ALI being part of the INREV membership fee per 1 January 2023 to remove any barrier to participate in this index.
ESG Insights added at asset level
In February 2022, INREV began collecting ESG KPI data, with the assembly of 2019 and 2020 data on around 1600 assets with approximately €40 billion of Gross Asset Value. This allowed for the generation of sustainability metrics linked to the Asset Level Index, providing insights on where individual assets and portfolios stand in the context of European markets and sectors and in relation to CRREM pathways.
Initial results were successfully launched at the INREV Annual Conference and also presented at the NCREIF Summer Conference in New York, with the aim of convincing the organisation’s members to align with INREV in their ESG KPI data collection.
ODCE Index moves to INREV NAV reporting
Having ended its consultation phase with the release of the Q1 2022 results, the ODCE Index moved to a consistent INREV NAV performance calculation method and expanded its outputs to include accrual-based returns. Two new funds entered the index in 2022, boosting its composition to 16 funds from 15 different managers. The index has almost doubled in size over the last three years, reaching €44.7 billion GAV at the end of Q4 2022.
The ODCE Index inclusion criteria were revised and strengthened for both existing funds and new joiners in 2022, with a particular focus on diversification criteria and asset level data provision. Index production moved fully on-line, strengthening quality, data provision and the governance of the index. The ODCE index was added to the newly enhanced INREV Fund Index analysis tool in May.
Developing attribution analysis for the Asset Level Index: ODCE Pilot
An Asset Level focus subgroup was established to develop the detailed scoping out of contribution and attribution analysis. The work has started on the contribution analysis, with the aim of completion by the end of 2023. As the provision of asset level data is now a requirement for inclusion in the ODCE Index, with new joiners required to commit to providing such data within 3-6 months, the first leg of the pilot of attribution analysis will be carried out for the ODCE funds. 13 out of 16 ODCE funds are currently members of the Asset Level Index.
New updated version of the INREV Universes goes live
As part of continuing moves to enhance the data quality and coverage of the INREV Universes, new data processes have been established by which any vehicle contributing to the INREV Indices for the first time must begin by registering on the INREV Vehicle Universe to ensure INREV captures as much of the market as possible even where the provision of the performance data has not started yet. Access to the INREV Vehicle Universe has been eased by a more user-friendly IT interface. A new expanded set of data fields was also agreed with the RMI and Professional Standards committee to enhance the data collected, while the Debt Vehicles Universe is being upgraded with the addition of an ESG reporting matrix which will be launched at the end of March 2023.
The development of global ODCE and Asset level indices
In 2022 the Global Performance Measurement Committee was established to initiate work on global indices. The committee identified a Global ODCE Index as a key priority, with a consultation index planned for launch in mid-2023. Discussions also continued on further enhancing GREFI Index reporting.
The INREV European ODCE Fund Index will change to pure INREV NAV reporting from Q1 2022. INREV NAV reporting will also be compulsory for all future joiners to the INREV ODCE Index. Reporting metrics of the ODCE have been expanded with a distribution of returns and equally weighted returns to provide more granular level insights into performance.
Enhanced INREV Fund Analysis Tool
Throughout 2022, INREV continued to increase the quality and completeness of its suite of market information with a growing range of insights into the performance of European non-listed vehicles. As an integral part of INREV’s overall IT roadmap, the INREV Fund Analysis Tool was enhanced to allow members to further expand trend and performance analytics in the non-listed real estate industry. Key enhancements include peer comparison and custom index creation and saving functionality.
In 2022, INREV continued to represent member interests by increasing policymakers’ awareness and understanding of the role and contribution of the real estate investment industry, both in the EU and UK.
Joint industry responses were developed, often together with other relevant real estate associations, and submitted to policymakers, further strengthening INREV’s position in supporting the interests of the non- listed real estate investment industry.
For more than ten years, INREV’s Brussels-based public affairs team has worked to educate policymakers and to ensure proposed regulations will not negatively impact the non-listed real estate investment industry. With the addition of a new team member, INREV’s public affairs team will ensure its commitment to UK regulation as well.
Through a diverse and accessible range of briefings, events, invitation-only roundtables focused on specific topics, training courses and publications, members have been able to receive and access the latest key insights.
According to the annual membership survey, the top three important regulations were considered as:
Over the course of 2022, INREV’s two principal spheres of Public Affairs activity were ESG- and tax-related During 2022 INREV was very active in the area of ESG-related disclosure regulation, a particular focus of EU and UK officials through the year. The key regulations concerned were the EU’s Sustainable Finance Disclosures Regulation (SFDR) and the FCA’s Sustainability Disclosure Requirements (SDR) in the UK, about which INREV provided feedback in multiple consultation rounds and through direct contacts with regulators. An ESG regulation focus working group, including experts from the ESG and Public Affairs Committees was set up. To help navigate and implement the new regulatory requirements members were kept informed via numerous briefings, events, articles, and publications.
INREV has been urging alignment between SFDR and SDR, which are at different stages of development. Both have the same goal, to make buildings sustainable via clear reporting to investors, but efforts are needed to avoid unintended consequences. To this end meetings were held with the European Securities and Markets Authority (ESMA) team to discuss challenges of SFDR for real estate investment, while the FCA spoke at a joint briefing between INREV, AREF, BPF, CREFC Europe and IPF in the UK.
Tax regulation
INREV’s work in the sphere of tax regulation concentrated on EU measures targeting tax avoidance, most notably the OECD Base Erosion and Profit Sharing (BEPS) Pillar 2 framework (adopted in December by the EU) and a European Commission legislative proposal on fighting the use of shell entities for tax purposes. These regulations potentially affect the structures permitted for pan-European vehicle entities in relation to their management, fund domicile and real estate location, with the risk of vehicles being taxed multiple times. A further area of concern is the tax treatment of debt, where the EC’s Debt-equity bias reduction allowance (DEBRA) proposal relates to tax allowances on increases in equity and limiting the tax deductibility of interest payments.
In the context of these measures, INREV responded to consultations and continued an open dialogue with regulators, as well as providing publications and briefings to keep members informed of new developments. Also in the tax arena, INREV organised an Advanced Tax Seminar on the inclusion of tax as the ‘new S’ in ESG and developed a Code of Tax Conduct Self-Assessment tool as part of the wider INREV guidelines review.
Other key issues
INREV monitored UK officials in 2022 as they reviewed policies and regulations in the context of the post-Brexit environment, with a particular focus on Solvency II, long-term asset funds and sovereign immunity from direct taxation.
Customer Due Diligence guidance was developed as part of the broader INREV Guidelines review. This is designed to create more consistent investor disclosures to investment managers related to Know Your Customer (KYC), AML, sanctions and other related requirements.
Information sharing
Roundtables were held for Compliance Officers, Legal and Tax Counsels, and Investor Relations and Marketing Professionals, as well as on sanctions and AML compliance. These closed-door sessions focused on challenges in diverse areas including ESG and climate- related disclosures, cross-border distribution, and AML and KYC requirements.
Two briefings were held on the cross-border distribution of funds (CBDF) package, which aims to reduce regulatory barriers to the marketing of AIFs throughout the EU. This was also addressed in an INREV paper and snapshot: EU Cross-Border Marketing Rules: Mind the Gaps.
INREV’s education programme provides the non-listed real estate industry with best-in-class content to enhance and develop industry professional knowledge and understanding. As was the case prior to the pandemic, in 2022 training was once again delivered by leading content experts through a blend of classroom, online and eLearning courses. However, the enhanced flexibility in available media built up through the pandemic was retained, maintaining the capability to reach members located further afield, particularly those outside Europe.
Training courses emerge stronger from the pandemic
In 2022, 18 courses - 5 of which were in person (Amsterdam, Luxembourg, Paris, London, Barcelona) - were delivered compared to 17 in 2020, with 650 participants (excluding the separate eLearning modules), a record number. The wide appeal of the courses saw 215 different member companies attending, with participants from 28 different countries. Most prominent among these were the UK (25.7% of participants), the Netherlands (22.2%) and Germany (15.8%), while 4.6% were from outside the EU/UK. Of the attendees, 61% were male and 39% female. Based on the Membership Survey, 97% of members would recommend an INREV Training Course to a colleague.
INREV/Henley Certificate gets a revamp
INREV also offers the INREV/Henley Certificate from the Henley Business School, the only academic certification in the non-listed real estate industry. In 2022 the Certificate was restructured to better reflect the needs of the industry, with a revamped Corporate Finance stream, which attracted 17 of the 29 participants this year, a record number. A new INREV/Henley Day was also launched in 2022, a content-driven event giving the chance for current students and course leaders to come together and network with alumni.
Relevant content for changing times
While ESG continued to be a strong theme across all training courses, with each course including some aspect of ESG in their content, other key issues were also reflected to keep the courses relevant in a rapidly evolving investment environment. Incorporating current concerns such as rising geo-political tensions, escalating interest rates and inflation ensured that the courses stayed relevant and applicable for participants in their day-to-day roles.
New guidance for the INREV Guidelines
The INREV Guidelines form the backbone of the association and provide standards and support for all aspects of the investment process. The Nine Pillars course, a new eLearning resource on the Guidelines, was introduced in May 2022. As well as providing a general introduction to the nine guideline modules, the course also explains key concepts such as due diligence and net asset value (NAV), giving a deeper appreciation of all aspects of structuring and managing vehicles from governance to reporting, sustainability considerations and exit. The course will be renamed Ten Pillars in 2023, in line with the addition of the new ESG guidelines module.
Setting careers on the right path
INREV continued its university outreach program in 2022, providing students with an introduction to the real estate industry and INREV. In person meetings were held at Antwerp Management School, Cass Business School, Bocconi University, Madrid MDI UPM and Henley Business School, with additional online sessions at Lucerne University, the Amsterdam School of Real Estate and Groningen University.
Meanwhile, those just embarking on their careers can now benefit from the Young Professionals Mentorship Programme, a new initiative launched in 2022. Individuals up to 35 years in age from INREV member organisations can be linked with a seasoned professional to support them in developing a variety of skills including expanding their professional network. In the scheme’s first year, 13 mentors were linked up with 52 mentees.
Training for a life’s work
In 2022 INREV was registered with the CPD certification scheme, which means INREV training courses that individuals attend can count toward their Continuing Professional Development, something that is considered important by many firms. At the end of 2022 there were 12 training courses that count towards CPD, with the remaining courses scheduled to be CPD Certified in 2023. This includes the Foundation Course, ESG, Investor Relations and Communication, Effective Due Diligence, Investment Analysis, Portfolio Construction, Portfolio Management, Risk Management, Real Estate Financing, Fund Valuation and Reporting, Performance Measurement Analysis, Investing in Joint Ventures and Club Deals, Advanced NAV, Fund Structuring, and Tax and Regulatory Considerations.
With the easing of COVID–related meeting restrictions across Europe, in person events once again took center stage for INREV. A wide variety of INREV events were hosted in person in 2022, these included the four flagship events: the INREV Annual Conference in April, the Young Professionals Conference in June, the North American Conference in September and the Autumn Conference in November and the first ever ESG Seminar in June.
INREV made a virtue of so many events being forced online during the pandemic, evolving its offer into a blend of both physical and online events. There were a total of 4367 registrations in 2022.
INREV Annual Conference 2022: building a balanced future: Working towards a sustainable recovery
Held in Athens over 20 and 21 April, the first in person Annual Conference since pre-pandemic Venice in 2019 welcomed over 450 INREV members. An audience poll revealed that that 35% of the audience were attending this conference for the first time, while 6% had attended at least 15 times.
The conference focused on the themes of recovery and sustainability. Under the first heading came presentations on the ‘economic obstacle course’, finding a new work-life balance, and the geopolitical paradigm shift. Jan Peter Balkenende, former Prime Minister of the Netherlands provided the opening keynote with Gideon Rachman of the Financial Times closing the first day address on the Ukraine crisis. Other big-name speakers included former Greek Minister of Finance and economist, Yanis Varoufakis. Varoufakis argued the case for a green new deal, as did -British political economist and author Ann Pettifor. Three panels of industry leaders discussed the practical implications of recovery and sustainability for non-listed real estate, while three innovative ESG solutions allowed delegates to learn more about this area in depth.The event was supported by four headline sponsors and ten support sponsors, with four additional sponsors of the Welcome and Gala Dinners.
INREV ESG Seminar 2022: the latest developments and expert insights
INREV’s first seminar dedicated to the increasing important topic of ESG was held in Amsterdam on 23 June. Nearly 120 delegates heard about the potentially explosive benefits of the INREV Asset Level ESG data pilot project. Nehla Krir, Head of Sustainability & CSR, BNP Paribas REIM discussed the SFDR journey and the destination. On the burning question of how to reflect ESG factors into property valuations there was a presentation and riveting panel discussion from Emily Chadwick, Head of ESG & Risk, Valuation Advisory EMEA, JLL and Jaap van der Bijl, CEO, Altera Vastgoed. Due to popular demand the ESG Seminar will return again in 2023.
INREV Young Professionals Conference 2022: working together for a sustainable future
Following a two-year hiatus, the Young Professionals Conference returned on 30 June in the Swedish capital of Stockholm. With a record number of delegates attending for the first time (86%), the conference explored the topic of how the new generation can ‘work together for a sustainable future’. Ron Keller, former Dutch Ambassador to Ukraine, Russia, Turkey and China gave the opening presentation on how the war in Ukraine is reshaping the European geopolitical landscape. This was followed by sessions on managing the green transition, real estate in the Nordics, turning diversity policy into action, and creating better places, all of which were led by senior industry figures. After an insightful day, there followed a boat trip to the island of Fjaderholmarna in the Stockholm Archipelago, providing extensive networking opportunities for the 200 delegates, an expansion in numbers compared to the previous year’s online version. The conference was supported by four headline sponsors and three evening sponsors.
INREV North American Conference: big topics impacting investment into Europe
On 28 September we returned to the New York stage after a two year gap with the increasing popular North American Conference. Moderator Elisabeth Troni, CBRE Investment Management tookNorth American members on a tour of the geopolitical and economic landscape in Europe. The conference explored big topics impacting investment into Europe such as the hampering impact of information growth, the debt effect and the outlook for lending. The stellar line up of speakers included Alexis Crow, PwC, Steve O’Connell, Grosvenor, Henri Vuong, PGIM Real Estate and Mahdi Mokrane, PATRIZIA.
INREV Autumn Conference 2022: maintaining progress in challenging times
On 10 November 2022, 170 members came together in Marseille for the INREV Autumn Conference. Together with industry expert speakers and panelists, they discussed the current macro-economic climate under the heading of ‘storm clouds gathering’, the geopolitical landscape, and its implications for the industry via the theme of ‘managing the shockwaves’. The Conference examined trending topics such as alternatives and the ‘S’ in ESG, with the emphasis on investors needing to take an increasingly operational approach. The closing keynote was delivered by world- renowned photographer Jimmy Nelson, who enthralled the audience with his portrayal of the environment and mankind’s place within it.
Event Listing 2022
Flagship Events
Seminars
Briefings
Round Tables
Young Professionals
In 2022, INREV continued to provide members with the latest news on INREV products and services and up to the minute insights from across the European non- listed real estate industry. This year a major focus was on making members aware of the wealth of information that is held in INREV’s databases and reports, and in ensuring that insights and information are provided in formats that are easily accessible to members, given the time constraints that all are increasingly facing.
And in the rapidly evolving market conditions created by war in Europe and the aftermath of COVID INREV has sought to present thought leadership on newly relevant topics such as inflation and the cost of debt, always seeking to remain the voice of the industry.
Growing visibility in the media landscape
During 2022 INREV’s communications reached deeper and wider, reflecting the expanding range of the association’s activity. Thirteen press releases were issued throughout the year and 184 articles featured INREV information or activities, with a strengthening presence in both the trade and broad financial press. There was also an increased emphasis on thought leadership, as senior industry figures from the INREV membership and INREV key spokespersons gained greater exposure.
ESG represented a much stronger area of focus than previously in 2022, with the number of press articles on this topic rising to 20 from 5 the previous year. Reflecting the expansion of INREV’s output relating to ESG and also the continued growth in interest from the industry, the association also achieved higher quality of coverage with more bylines and interviews on the subject.
INREV also targeted the German market, where exposure had fallen off somewhat in recent years. Coverage rose to 17 articles from 12 in 2021, with a gratifying presence in some of the larger publications including Immobilien Zeitung and Borse Zeitung, often leveraging Germany-specific INREV data.
Fostering a sense of belonging
To make members more aware of the benefits of belonging to the association, INREV undertook a nurturing campaign among new members in 2022, via sharing a well thought out catalogue of insights, services and event and training opportunities. This not only stressed the products and services that INREV provides but also how it can help individuals to build their own profile and that of their organisation. It was emphasised that the INREV Membership Directory, with its recently improved search functionality, represents a key channel that companies can use for this purpose – 179 organisations have now posted their profile here.
In 2022 INREV’s online social community also continued to grow, with the number of LinkedIn followers increasing from 6950 to 8746 by the year-end, while the number of Twitter followers rose from 1736 to 1786. This growth was encouraged by INREV sharing more research and thought leadership on LinkedIn and making ideas more accessible through greater use of visual content.
Website navigation improved
Following insights gathered from extensive user research, the INREV website navigation was improved. With concerns having been raised about difficulties finding and accessing certain areas, the revamp emphasised improving movement between and within menus via the adoption of a mega navigation and a reshuffle of the content to make it more logical for the user. Sections were merged such as tax, regulatory and guidelines to better reflect the user journey.
An Insights section was also added, making it easier for members to find information on the most relevant current themes, including ESG and net zero, among others. This ongoing project, based on user testing research, continues into 2023.
In the 2022 Membership Survey, 79% of members said the content of the website is good, very good or excellent, while almost as many view the user experience positively. The satisfaction level should increase further once members become familiar with the website’s new features.
Increasing awareness of INREV insights, products and services
A specific objective for 2022 was to provide the members with tailored and relevant insights. A good example of this was the Investment Intentions campaign. This targeted campaign delivered localised insights to members, beyond the usual strategy of highlighting European and global insights. This proved to be successful and resulted in the Investment Intentions Survey being read by 34% more members than in 2021 and the online seminar was attended by 433 members.
Keeping members informed
To keep existing INREV members updated on the latest services and prospective members aware of key aspects of the membership offering, 315 member outreach meetings were held in 2022. These took the form of one-to-one appointments and online meetings.
Two invitation only online events were held for Italian and Nordic investors in February and March respectively.
Members were also kept informed of INREV activities and outputs via the IQ magazine, with 44 articles published across a broad range of current topics through 2022. Subjects covered during the year included ESG, inflation, digital technology, debt funds, the Asset Level Index, the INREV website redesign, Investment Intentions and the INREV Annual Conference.
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