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As the financial downturn has put an increased focus on transparent and consistent reporting to investors, this one hour practical online training introduces the key building blocks to support best practice in the area of adjusted NAV calculation.

The webinar includes the following topics:

• Understanding INREV NAV
• Walking each potential INREV adjustment
• How to report on INREV NAV and the level of disclosure
• Questions

The webinar was recorded by Vincenze Dede, Manager PWC Australia.

This study examines management fees and costs. There are two parts to the study: the European part and the global comparison.

Europe

INREV's Management Fees and Terms study provides an overview of the fees, costs and total expense ratios (TERs) of European non-listed real estate funds. This part has been conducted on a regular basis (but not annually) since 2007.

Global Comparison

The Management Fees and Terms Global Comparison Study compares the fees and costs and, where applicable, total expense ratios (TERs) of non-listed real estate funds in Europe, Asia Pacific and the US. This part has been conducted on a regular basis (but not annually) since 2007. The global comparison has been conducted since 2010.

INREV's Business Plans are produced annually for three-year periods, describing the priorities for the next three years, actions, market trends, results of the member survey, and a review of the previous year.

INREV's Annual Report and Financial Statements are available since 2009 and provide the Chairman's Report, Mission, History, Association Stucture, and describes INREV's platforms, committees, membership status, activities, and financial report.

This report aims to provide insight into current market practices in investor reporting across non-listed real estate vehicles investing in Europe, and specifically the extent to which reporting complies with the requirements and recommendations of the INREV Guidelines.

In later years, this report has been titled 'Review or Reporting Best Practice'.

This webinar, led by Andrea Attisani, Senior Portfolio Manager at APG Asset Management, addresses to best cases within the Real Estate industry and provides a point of view on the differences between joint ventures, club deals and funds.

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.

As the financial downturn has put an increased focus on transparent and consistent reporting to investors, this one hour practical online training introduces the key building blocks to support best practice in the area of adjusted NAV calculation. The webinar includes a high level examination of using INREV Net Asset Value (NAV) guidelines, including explanations of the calculation examples.

This webinar is especially written for French speaking INREV members and/or are based in French speaking countries. Therefore the webinar will be held in French and includes the following topics:

• Understanding INREV NAV
• Walking through a calculation example
• How to report on INREV NAV and the level of disclosure
• Questions

The webinar is led by Renaud Breyer, Executive Director at Ernst & Young and member of the INREV Reporting and SDDS Committee.

This is the second in a series of academic papers that INREV will publish. Going forward INREV plans to invite the academic community to research the European non-listed real estate market in more detail.

Over the past decade, the European institutional non-listed real estate fund market has matured into an investment category that consists of 472 funds, representing €227 billion of gross asset value. But maturity cannot be measured by numbers alone. In this paper, we examine the recent evolution of the non-listed fund market with respect to transparency and performance. In line with the private equity literature, we analyse the returns and fees that investors face when investing in non-listed real estate funds. Our results show that non-listed real estate funds have delivered moderate but stable total returns over the past thirteen years. Compared to Europe’s public real estate market, the non-listed core fund index yielded an average return of 5.2% which is more than 2.0% lower than the public real estate index return, but at a risk (standard deviation) of 9.7%, which is less than a third. The total fee load of non-listed real estate funds (2.2%) is low compared to private equity (7.0%). This fee could be ened back by selecting the funds that rank highest on their sustainability performance, as our analysis shows a 2.8% return spread between the top and bottom Global Real Estate Sustainability Benchmark (GRESB) deciles. A large fraction of this return pattern, however, relates to the associated variation in fund leverage. Hence, transparency regarding non-listed fund characteristics is key and although the market is not there yet, it is gaining momentum and relevance.