18 July 2017, Amsterdam – INREV, ANREV, NCREIF and PREA are pleased to jointly unveil the Global Definitions Database (GDD). The GDD represents one unique depository of definitions comprising of real estate market related terms. A common glossary of terms is a critical step towards convergence of reporting standards for institutional real estate investment vehicles and creates a one-stop resource that has not existed until now.
Many of the terms contained in the GDD have been agreed to globally. Additionally, there are also terms specific to Asian, European and North American standards, guidelines and data products. New terms will be added as the Global Definitions Database is embraced by industry participants.
“This is an important step towards achieving a set of global reporting standards and guidelines that would eliminate a major pain point for both investors and investment managers alike,” said John Caruso, Managing Director, Head of Finance TH Real Estate - Americas and Co-Chair of the Global Standards Steering Committee.
The need for a common set of terms is a critical component of the global initiative and the fact that it is available as an interactive online tool makes it easily assessable to everyone.
“As real estate continues to go digital, offering a common data dictionary is a key stepping stone in the process of developing global standards, as all real estate players seek alignment and improved efficiency of their operations. The Global Definitions Database will speed up this process and lead to more data quality and consistency in the areas of reporting and performance,” commented John Ravoisin, PwC Partner and member of the Global Definitions Task Force.
View the Global Definitions Database
The GDD is an initiative of the Global Standards Steering Committee, established as a collaboration between INREV, ANREV, NCREIF and PREA to jointly develop uniform market standards for institutional real estate investment vehicles on a global basis.
For further information please contact Maurits Cammeraat, INREV, Marybeth Kronenwetter, NCREIF PREA Reporting Standards, or Amelie Delaunay, ANREV.
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For further information please contact:
Johlyn Da Prato - johlyn.da.prato@inrev.org
INREV: +31 (0) 20 799 3968
Notes to editors:
About INREV
INREV, the European Association for Investors in Non-listed Real Estate Vehicles, was launched in May 2003 to act for investors and other participants in the growing non-listed real estate vehicles sector. The non-profit association is based in Amsterdam, the Netherlands. INREV aims to create a forum for the sector and increase the transparency and accessibility of non-listed vehicles, to promote professionalism and clarify best practice and to share and spread knowledge. INREV currently has 395 members drawn from leading institutional investors, fund managers, promoters and advisors across Europe and elsewhere.
For further information, please visit inrev.org.