Chapter 1
Chairman's
Letter
I think it is safe to say that 2019 was a year of many great achievements for INREV, our community and the wider non-listed real estate industry. We have continued to fulfil our mission to be the leading European platform for sharing knowledge by improving transparency, professionalism and best practice across the industry. But, as we publish this annual report, all corners of the world are impacted by the spread of COVID-19, and our industry is no exception.
The coming months are set to be a challenge for us all, but with a stronger and more robust industry thanks to the foundations laid in previous years, we can be confident in our ability to navigate the rough waters that lie ahead. Already, INREV is responding to the constantly evolving needs of our members, providing more online tools and services including briefings on the most relevant topics and highlighting the relevant guidelines which will assist our members in these exceptional market circumstances. We are also gearing up our online learning capabilities, enabling members to equip themselves with knowledge from the comfort and safety of their own office.
Transparency is now more important than ever, and the lessons we have learned from the GFC will stand us in good stead to overcome the challenges that we all now face. During 2019, we marked a huge milestone for transparency and support for the European industry in April when two new consultation indices were presented, the Asset Level Index and the European Open End Core Equity Fund Index (ODCE). The Asset Level Index, launched with huge commitment of 32 founding members enables richer, deeper insights into data and stronger performance attribution analysis, and the European ODCE Index which covers all 12 funds in that category plugs an important gap for global institutional investors.
A key development has been the progress made with the IT roadmap programme, strengthening our IT infrastructure to ensure a more comprehensible, accessible and secure online platform, giving greater peace of mind to members. One notable achievement on this journey has been the launch of the data platform, streamlining the data collection process. Also paving the way for greater accessibility to insights, education and training, we launched a first eLearning module on INREV NAV and plans are in place to increase this offering.
Our community has grown even further in 2019, welcoming 19 new members and in total, collectively representing 33 countries around the globe. This signifies two things, that our industry continues to cross borders to become a truly pan-global concern, and that more members are committed together with us for the long haul. Together we are stronger.
We can be proud of the collective commitment and the mutual understanding that only by working together and supporting each other are we strong enough to weather the storm that lies ahead. This sentiment was especially prevalent when members voted unanimously in favour of a restructured membership fee, better representing the different players in the market and the specific needs of those players, however big or small and enabling INREV to carry out the improvements and enhancements to its tools and services for the greater benefit of all members and the industry as a whole.
Lastly but by no means least, I would like to thank Lonneke, our CEO, and the INREV team for continuing to take the association from strength to strength. Thanks are also extended to you, our members, the management board and committees, and the various focus groups for your dedication, commitment and tireless efforts during what has been a very busy but successful year. I wish everyone good health and strength during these difficult times and look forward to reflecting on the successes that can be sought even in the most testing situations over the coming period.
Marieke van Kamp
Chair, INREV
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