Management Fees and Terms Study

The INREV Management Fees and Terms Study explores the fee and costs structures of the European non-listed real estate vehicles, with a focus on the Total Global Expense Ratios (TGERs) and Real Estate Expense Ratios (REERs).
The Management Fees and Terms Study provides TGERs and REERs for several fund characteristics, including investment style, structure, fund size, vintage, target gearing, country strategy and sector strategy.

The study was launched in 2007 and is now published annually in September – October. In 2023, an additional analysis was conducted to provide the latest insights into management fees of the European open end diversified core equity (ODCE) funds, which is now an annual publication. In 2024, the first release of the Global ODCE Management Fees Publication was published, providing the first global comparison of the Total Global Expense Ratio (TGER) and produced by the Global Alliance – a joint initiative established by ANREV, INREV and NCREIF.

Latest highlights

Columns

Core, older, and large funds, and those with single country and single sector strategies report lower TGERs

Key highlights include:

The average reported Total Global Expense Ratio (TGER) for 2023 was 0.94% based on GAV and 1.72% based on NAV
Management fees were more consistent compared to the vehicle costs. Large core funds had lower vehicle costs
Core funds and large funds reported lower Real Estate Expense Ratios (REERs), however they were relatively consistent across sector strategies

Management Fees and Terms Study

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Management Fees and Terms Study

Report 2024

ODCE funds show a high level of uniformity and consistency in fees and costs

Core, older, and large funds, and those with single country and single sector strategies report lower TGERs

ODCE funds exhibit notably lower TGERs than other funds with a multi country-multi sector strategy

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