To encourage the standardisation of investor due diligence in non-listed real estate vehicles.
- Ongoing review and update of the INREV due diligence questionnaires to meet the evolving information needs of the sector and discusses other issues related to the due diligence process. This includes the sharp rise in demand for information on issues such as a fund managers’ expertise in risk management and compliance.
- Promotion of the DDQ, support implementation and help the questionnaires becoming industry standard
|Jaap van der Bijl (Chair)||Altera Vastgoed||The Netherlands|
|Richard Swart (Vice-Chair)||PGGM||The Netherlands|
|Adrian Bamert||Pensimo Management||Switzerland|
|Amilcar Grot||Blue Sky Group (KLM)||The Netherlands|
Nuveen Real Estate
|Chris Goodeve-Ballard||Aon Hewitt Ltd.||United Kingdom|
|Dirk Bootsma||PATRIZIA Immobilien||The Netherlands|
The INREV Due Diligence Questionnaire (DDQ) assists investors and consultants in the due diligence process to understand a fund manager’s structure, strategy and non-listed real estate business. It also gives insight in a specific vehicle’s strategy, risk processes, management, terms and projected performance. With it, investors can determine, in principle, whether a proposal fits their investment objectives.
DDQ was updated in July 2018. New version reflects the feedback received from INREV members during a two-month consultation period.
The Due Diligence Data Room Guidelines is an additional tool prepared by INREV to make the due diligence process more effective. This framework aims to provide guidance under the form of a table of contents and not to impose a rigid structure.
During INREV´s open committee meeting in 2015 the topic was raised to develop further guidance on operational due diligence (ODD). The DD committee agreed and started an investigation. One of the first conclusions was that it is hard to standardise ODD because it is in large parts driven by local jurisdiction (of the investor). Therefore our purpose was to develop a general framework which could help buyers and sellers to better organise their ODD processes. As a result we developed the Operational Due Diligence Framework.
2018 marked the tenth anniversary of the Great Financial Crash. So disastrous for so many, the crash demonstrated the global systematic problems across all asset classes at the time, with the real estate industry being no exception.