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This research shows that non-listed real estate can add value to DC investment strategies. 

AREF and INREV commissioned a paper on the important topic of cost transparency. The aim is to move towards a better industry-wide understanding of the composition and calculation of selected fee and expense metrics.  

This research examined the significance of currency risk and its management for European non-listed real estate funds in a number of ways.

This INREV research underlines the benefits of secondary trading in non-listed real estate funds. 

This research explores whether there is evidence of persistent performance among core open end European non-listed real estate funds.

This research aims to identify risk factors affecting the performance of non-listed real estate funds in Europe, controlling for their specific characteristics.

The non-listed real estate industry has grown considerably over the last decade and with it the interests and needs of market participants. The research objective of this study is to examine the current status and the influence of corporate governance on the volatility and returns of non-listed real estate funds, and seeks to address the following questions:

• How has corporate governance for the non-listed industry changed over the last twenty years?
• How does corporate governance affect fund performance, risk, volatility and capital raising ability?

There is increasing interest to better understand the performance between capital expenditure (cap-ex) and performance.

INREV’s latest academic research shows that high levels of cap-ex tends to have a more positive and significant impact on performance.

There are significant variations in levels of cap-ex, and the impact is greater in the UK and the USA than in Germany and the Netherlands. Offices tend to benefit from cap-ex in Germany and Netherlands, while it is a drag on future performance in the UK and USA.

The research looks at the case of Germany, the Netherlands, the UK and the USA.

This study focuses on the liquidity needs and requirements of investors who invest in indirect real estate. The aims of the study are to identify how investors define liquidity, discover the importance they ascribe to liquidity when compared to other investment considerations and explore the factors that influence their liquidity needs. Furthermore, the study examines investor views on the drivers of indirect real estate liquidity and their perspectives on the liquidity of indirect real estate vehicles, with a particular focus on closed end and open end real estate funds. Preferred secondary market transaction methodologies are also examined. Finally, investor suggestions for changes to the indirect real estate market which could enhance liquidity are discussed.

Non-listed core real estate funds offer the diversification benefits of real estate as part of a multi-asset portfolio and can provide investors with an accessible and transparent route to gain exposure to the sector. They are a maturing part of the European real estate industry that is now launching its second generation of funds. The first generation of funds faced the extreme challenges of the Global Financial Crisis (GFC) head on; an experience which has resulted in a refined and reconsidered fund product for the new cycle. This paper highlights both the qualitative and quantitative benefits of core real estate funds in Europe and how they can support the investment requirements of investors. The industry offers a wide range of products to match risk/return requirements, but this report focuses on core non-listed real estate funds as a natural entry point for investors that are looking for real estate exposure.