Evolving the INREV Guidelines
INREV is embarking on an important project to evolve elements of the INREV Guidelines, including the INREV NAV module and the Due Diligence Questionnaire (DDQ). IQ spoke to Constantin Sorlescu, INREV’s Director of Professional Standards and Sustainability, to understand the rationale, timing and potential impact for members.
‘The Guidelines are our crown jewels. They underpin the purpose of the association. Any change must be carefully considered and responsibly implemented.’
Why now?
The real estate industry is evolving rapidly. Operational real estate (OpRE) strategies are gaining prominence, reporting expectations are growing, and new technologies like AI are being increasingly adopted. At the same time, some core components of the Guidelines — notably the NAV module — were left unchanged for years.
The review is about keeping INREV standards ahead of the curve, ensuring they remain practical, transparent and fit for purpose — without unnecessary disruption.
Key focus areas
Enhancing the INREV NAV – Modernising the NAV module to improve clarity and usability, while addressing valuation of operational real estate businesses. |
Integrating OpRE considerations into the Guidelines – Building on the recent good practice recommendations to improve transparency and governance without creating unnecessary rules or barriers. |
Updating the INREV DDQ – Streamlining the questionnaire, incorporating emerging topics such as OpRE/platform investing and AI, and ensuring existing questions stay relevant for investor decision-making. |
Modernising the INREV NAV
The NAV module has been a trusted industry standard for over a decade and now is an opportune moment to carefully review and enhance it — while keeping the underlying methodology stable. This process will also consider how the NAV framework can remain robust and practical in the context of emerging trends, such as growing OpRE investments, ensuring any changes are thoughtful, responsible, and aligned with industry needs.
Governance and transparency: OpRE
Operational real estate is becoming a core component of many portfolios. INREV’s next step is to assess how OpRE considerations can be more systematically integrated into the Guidelines. The goal is not to impose rules, but to support investor confidence through enhanced transparency and governance guidance, reflecting the realities of new operational models.
Keeping due diligence relevant: INREV DDQ
The DDQ remains one of INREV’s most widely used templates, providing a standardised framework for efficient and consistent investor due diligence.
The update will streamline the questionnaire, highlight emerging topics such as OpRE and AI, and ensure all questions remain relevant and actionable. The aim is to deliver a more focused, efficient tool, rather than a longer or more complex one.
What members can expect
As always, the process will be industry-led and collaborative, involving INREV committees, the Guidelines Steering Committee, the Management Board, and input from industry associations across the globe such as ANREV, NCREIF, and PREA.
A six-week industry consultation will take place from September to late October 2026. Members will be given the opportunity to attend round tables in Amsterdam, Luxembourg, London, and online.
The final products are expected to be published in Q1 2027.
To support members during this evolution, INREV will provide:
- an adequate transition period;
- detailed change logs;
- clear guidance and a service-desk approach for any questions.
‘This is about evolving responsibly. The Guidelines must remain transparent, practical, and fit for purpose — today and tomorrow.’
If you have any questions about this project, please reach out to professional.standards@inrev.org.