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This research aims to identify risk factors affecting the performance of non-listed real estate funds in Europe, controlling for their specific characteristics.

The INREV Annual Conference was held in Barcelona on 22 and 23 April 2015 under the theme 'Journeys into space: future trends for real estate'. View the highlights from the Annual Conference Barcelona 2015

Siamo lieti di annunciarVi che sono aperte le iscrizioni per l’INREV webinar: Investimento nei fondi immobiliari non quotati.

Come evidenziato nel recente INREV Investment Intentions report, il 2015 ha visto il ritorno dell’investimento attraverso i fondi, con i fondi immobiliari non quotati che rappresentano la strategia preferita per l’investimento in Europa. Tale strategia ritorna ad essere la preferita per la prima volta dal 2011.
In questo contesto, Maurizio Grilli, Head of Investment Management Analysis & Strategy International Research di BNP Paribas Real Estate illustrerà le piu’ recenti tendenze e prospettive del settore immobiliare indiretto concentrandosi sulle caratteristiche del mercato italiano rispetto ai mercati europei, con un focus sul rischio, la localizzazione e i settori.

• Il webinar, in lingua italiana, coprirà i seguenti temi:
• Stato dell’arte del settore immobiliare non quotato
• Pro e contro dell’investimento immobiliare non quotato
• Benefici degli investimenti paneuropei
• Analisi comparativa della performance dei fondi italiani rispetto ai fondi europei
• Q&A

Il webinar è di interesse per gli investitori instituzionali e i gestori di fondi che già operano nell’immobiliare indiretto non quotato o per coloro che stanno considerando di aggiungere questa.

Katie Smith, Head of Analytics at CBRE Global Investment Partners led the webinar. She discussed the importance of benchmarking, challenges, and the use of consistent measures such as the INREV Index as a comparison for performance.

This study examines the options that fund managers consider as the termination date of their closed end funds approach. This study has been conducted annually since 2007.

The European Market Infrastructure Regulation (EMIR) imposes requirements related to derivatives entered into by financial businesses, including ordinary interest rate and currency swaps commonly used by real estate funds. Such requirements can include derivatives being entered into through a central counterparty and being subject to cash collateral posting, and in all cases derivatives must be reported to regulators. Although INREV supports the goal of improving transparency and stability on the OTC markets, it opposes overly costly and burdensome regulations being applied to real estate funds, which typically use interest rate and currency swaps simply to manage risk.

The non-listed real estate industry has grown considerably over the last decade and with it the interests and needs of market participants. The research objective of this study is to examine the current status and the influence of corporate governance on the volatility and returns of non-listed real estate funds, and seeks to address the following questions:

• How has corporate governance for the non-listed industry changed over the last twenty years?
• How does corporate governance affect fund performance, risk, volatility and capital raising ability?

There is increasing interest to better understand the performance between capital expenditure (cap-ex) and performance.

INREV’s latest academic research shows that high levels of cap-ex tends to have a more positive and significant impact on performance.

There are significant variations in levels of cap-ex, and the impact is greater in the UK and the USA than in Germany and the Netherlands. Offices tend to benefit from cap-ex in Germany and Netherlands, while it is a drag on future performance in the UK and USA.

The research looks at the case of Germany, the Netherlands, the UK and the USA.

The study provides an overview of the fund of funds industry globally, including insights by target region, by style and structure and other associated characteristics, as well as analysis of the performance of funds of funds.

This study has been conducted since 2007.  Since 2015 the study has been carried out with ANREV.

La Directive AIFM, qui est entrée en vigueur le 22 juillet 2014, concerne directement l'industrie immobilière non cotée en bourse. La plupart des gestionnaires de fonds actifs dans l'UE doivent  être autorisés par un État membre et respecter les exigences notamment liées à la gestion, au marketing, à la notification, en utilisant les dépositaires et autres tiers, et à la gestion des risques.

Ce webinaire dirigé par Etienne Wagner, Head of Compliance - Internal Controls and Risks chez AEW Europe, mettre l'accent sur la gestion des risques en vertu de la Directive AIFM et couvre les sujets suivants:

• L'impact de la Directive AIFM et de nouvelles exigences liées à la gestion des fonds immobiliers non cotés
• Les procédures de gestion des risques
• Les meilleures pratiques et des enseignements tirés douze mois après l’entrée en vigueur de la Directive AIFM