20 years of INREV

In 2023 INREV will celebrate its 20th anniversary.  IQ takes a brief look at the journey so far and points to the road ahead.

When a handful of investors and fund managers established INREV in 2003, the European non-listed real estate investment industry was in its infancy.  

With a value of €2.8 trillion today, the European non-listed real estate has earned its place as a fully functioning, mature asset class alongside older and more established alternatives.

The intervening years have seen nothing short of a tsunami of change. The significant expansion of the industry – both in terms of its overall value, and the volume and breadth of vehicles and market participants within it – is undoubtedly an impressive point of reference.  

With a value of €2.8 trillion today, the European non-listed real estate has earned its place as a fully functioning, mature asset class alongside older and more established alternatives.  

This successful evolution is inextricably linked with the work that INREV has focused on over the past two decades to establish best practice across the industry, improve transparency and share knowledge. 

It’s a collective achievement that’s been made possible by the ever-growing strength and depth of the membership, which recently hit a significant milestone of 500 members.  That makes INREV a hugely valuable and valued community of like-minded professionals bound by a shared commitment and sense of purpose.  

The association has covered considerable ground since 2003, flexing along the way to take account of the changing landscape both within real estate and the wider economy. But it has remained steadfast in its core areas of focus.  As a result, INREV has shifted the dial considerably across a range of areas.

Twenty years ago, how market participants managed their investments was broadly down to individual instincts.  But the introduction of the INREV Guidelines has radically enhanced the standards of best practice by establishing a powerful framework for consistency.  The Guidelines have become an invaluable source of knowledge for longstanding market participants and new industry entrants, alike.  The Guidelines which have recently been reviewed and updated reflect the latest thinking, drawing on members’ collective expertise and insight. More recently they have been expanded with a Code of tax conduct and Sustainability guidance. This ensures they remain relevant and – so far as is possible – future-proof.

Twenty years ago, how market participants managed their investments was broadly down to individual instincts.

Knowledge sharing in general has remained a central theme for the association throughout its history.  There has been considerable investment in creating best-in class training courses on a wide variety of topics from reporting to ESG.  Last year, we welcomed over 600 individuals to an INREV training course and expect that number to increase further next year as we scale up the training offering. 

Beyond the formal training programmes, members have enjoyed a plethora of standout events designed to provide opportunities to learn, to be inspired and to network. Ever since the very first edition of the Annual Conference in 2003, the association’s flagship event has consistently been oversubscribed.  The Young Professionals Conference, introduced in 2008 has a similar record.  This event alongside the newly introduced mentor programme has been an important element of INREV’s longstanding commitment to nurturing future generations of leaders, on whose shoulders rests the future guardianship and continued success of the industry.

Over the past 20 years, INREV has earned a reputation as a reliable source of insight and rich data.  Ground-breaking products – such as the first European non-listed fund index back in 2005 and more recently the European ODCE and Asset Level indices, the Debt Vehicles Universe and research into the emerging operational real estate sector – have continued to inform and enhance members’ investment decisions.  

For the last two decades, INREV has stood alongside members helping to shape the industry.  It’s provided guidance and support in the face of changing market conditions, economic downturns and crises.

This wisdom has also reinforced the association’s position as a trusted commentator and the de facto voice of the industry – helping to spread the European non-listed real estate message to investors in Europe and across the globe. 

INREV’s pioneering spirit has driven virtually every area of its work, ever since it opened its doors.  Not least is the successful dialogue that’s been established with policy makers and regulators in Brussels and London.  By creating this bridge, the association has been successful in pleading the industry’s case and helping to configure a range of key policy and legislative issues over the years – from AIFMD and MiFID II to Solvency II and SFDR.   And INREV’s public affairs insights have become a critical resource enabling members, and the wider non-listed real estate industry, to prepare appropriately for change.  

For the last two decades, INREV has stood alongside members helping to shape the industry.  It’s provided guidance and support in the face of changing market conditions, economic downturns and crises. Over that period, European non-listed real estate has come of age. However, the next phase of its journey will be no less challenging. The impact of climate change, the return of inflation, rising energy and materials prices and war in Europe are active realities.  Whatever happens next, INREV will remain at the heart of the industry’s evolution, managing change and facilitating progress.