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Gap between actual and target allocations to real estate narrows dramatically

Investors still set to hike commitments, in defiance of late cycle 10 January, London – Current average allocations to real estate increased to 10.0% from 8.9% in 2018, against an increase in target allocations from 10.2% to 10.4%, significantly narrowing the gap between the two for the first time, according to the global Investment Intentions Survey 2019, published today by INREV, ANREV and PREA. However, global institutional investors remain bullish about real estate indicating their intention to place a minimum...

Non-listed funds expense ratios highlight industry transparency

20 September 2018, Amsterdam – The 2018 INREV Management Fees & Terms Study highlights the non-listed real estate industry’s dramatic leap in transparency, achieving a record response rate from INREV members. A total of 418 vehicles provided data to the study – marking a ten-year high. Of this number, 155 funds delivered data on their total expense ratio (TER), compared with 42 in the previous study, and 111 vehicles provided details of their real estate expense ratios (REER). The study...

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Over €20 billion of real estate assets set to hit the market by 2028

3 September 2018, Amsterdam – Ninety-two European closed end non-listed real estate funds are set to terminate over the next 10 years, releasing a potential €20.9 billion of assets back into the market, according to the INREV Funds Termination Study 2018 . Between 2018 and 2020, 44 funds with a combined AUM of €9.6 billion are due to close. The peak of activity is anticipated in 2022, when 22 funds could be wound up. Funds with a retail strategy outnumber...

Share of capital raised doubled for funds of funds

18 July 2018, Amsterdam - Non-listed real estate funds of funds remain important vehicles offering investors significant diversification options according to the ANREV / INREV Funds of Funds study released today. The share of total capital raised in 2017 doubled for fund of funds. In total, €152.3 billion of fresh equity was raised for non-listed real estate, with €8.1 billion or 5.2% destined for fund of funds. This is a record level of new capital and a significant jump from...

Non-listed real estate industry targets first total global expense ratio

Industry seeks convergence of approach toward costs of real estate investments 26 June 2018, Amsterdam – INREV, ANREV, NCREIF and PREA have jointly developed a new total global expense ratio (TGER) – the first globally consistent measure for real estate investment vehicle fees and costs. The main aim of the proposed TGER is to help investors more easily assess and compare the fees and costs of individual vehicles. The TGER has been shared through a consultation paper circulated to the...

German non-listed real estate posts highest performance in a decade

INREV’s German Vehicles Annual Index 2018 recorded a ten-year high for non-listed real estate performance in Germany, with total returns of 4.29% over 2017, up from 2.68% the previous year. The results were largely due to a very strong performance in the first half of the year, driven especially by income returns of 4.34% over the year, which were the highest on record and significantly ahead of capital growth at 0.01%.