Management fees dominate core funds’ Total Expense Ratios (TERs) in both regions, according to the latest INREV Management Fees and Terms Comparison Study 2021, published in collaboration with ANREV.
In addition, this is the first time for this comparison study to report on the Total Global Expense Ratio (TGER) which is the new global standards ratio adopted by ANREV, INREV and NCREIF-PREA Reporting standards to harmonise the approach for measuring the total fees and costs for real estate investment vehicles globally.
The INREV Management Fees and Terms Comparison Study 2021 examines the total expense ratios of 33 non-listed real estate funds in Asia Pacific and 87 in Europe based on the regional studies conducted during 2020.
Key highlights include:
- Asia Pacific and Europe both reported average TERs of 1.21%, based on NAV, before performance fees, while the TER based on GAV is slightly lower in Asia Pacific
- Average TERs are higher across all fund styles in Europe, when compared after performance fees and based on GAV
- Management fees account for more than 70% of core funds’ TERs in both regions
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Management Fees and Terms Comparison Study 2021
Last updated on 11 Jul 2023
The INREV Management Fees and Terms Comparison Study 2021 examines the total expense ratios of 33 non-listed real estate funds in Asia Pacific and 87 in Europe based on the regional studies conducted during 2020.