INREV committees gear up for a busy 2017

Committees play a crucial role in our activities. The committees bring together members who are expert in their fields to develop initiatives and drive the agenda forward. Each committee has a clearly defined purpose and focuses on a key area of interest for the industry.

In 2017 we will have ten committees continuing their everimportant work, and in the coming months we will also set up two new committees: one to provide guidance on the possible implications of Brexit, to ensure the industry is well prepared when it takes place; and another on new technology and innovation, to help the industry accelerate its innovation and digitalisation, learning from the adoption of new technologies and innovation across other asset classes and industries.

Members will be able to find out more about the work of these new committees in the coming months via INREV News.

Each committee is made up of a rotating membership. Each year we review the make-up of the committees to make sure we have the right expertise, experience and representation in place. Fresh ideas are always welcome and all members are encouraged to apply to join our committees.

Below we set out in brief each committee’s plans for 2017, together with the names of those joining and leaving in the New Year. To all members who are now rotating off, a special thanks for your contribution and dedication.

CORPORATE GOVERNANCE COMMITTEE

In its role promoting standards for controlling and directing non-listed real estate vehicles, the committee will focus on the promotion and acceptance of the Corporate Governance assessment.

Joining: Nick Macrae - HOOPP, Peter Bouwes Bavinck - NN Group, Anne Niemi - Varma Mutual Pension Insurance Company

Leaving: Jennifer Andersson - Niam, Klas Åkerbäck - Tredje AP-Fonden, Tinka Kleine – PGGM

DUE DILIGENCE COMMITTEE

As part of its role supporting the standardisation of investor due diligence, next year the committee will develop the Due Diligence Questionnaire into a global version, aligning its content with the Global Guidelines.

Joining: Thomas Gsaenger - Allianz Real Estate, Adrian Bamert - Pensimo Management, Chris Goodeve-Ballard - Aon Hewitt, Austin Mitchell - TH Real Estate

Leaving: Anne Gales - Threadmark, Anita Rajchelt - TFI PZU, John Barakat - M&G Investments, Klaus-Dieter Schmidt - Jamestown US, Savina Eneva - GIC Real Estate

PERFORMANCE MEASUREMENT COMMITTEE

The committee defines standards for measuring the performance of non-listed real estate vehicles, as well as creating indices. Plans for 2017 include completing the Historical Data Collection project, developing the Asset Level Index and exploring the feasibility of Italy and Francedomiciled vehicles indices.

INREV has expanded the size of the Performance Measurement Committee from 12 to 15 representatives and has changed its name to exclude the word ‘Benchmarking’, due to the ongoing regulatory discussion over the use of that word and the fact that the committee’s projects focus on performance measurement and comparison, rather than performance benchmarking.

Joining: Tim Brueckner - Corpus Sireo Asset Management Commercial GmbH, Eitel Coridass - HIH Real Estate, David Baskeyfield - LaSalle Investment Management, David Hedalen - Standard Life Investments, Pavel Pavlov – APG

Leaving: Anne Breen - Standard Life Investments, Wojciech Pisz - TFI PZU

PUBLIC AFFAIRS COMMITTEE

This committee promotes the interests of the non-listed real estate industry in Europe. Plans for next year include continuing its leading role in the European Real Estate Forum, focusing on AIFMD II, BEPS, Brexit and CMU, and using results of the Solvency II study to influence the Solvency III capital charge.

Joining: Peter Franks - NREP, Gerhard Mueller - Invesco Real Estate Europe, Claude Niedner - Arendt & Medernach

Leaving: Marc Wicki - Partners Group, Michael Newell - Norton Rose Fulbright, Mikkel Bülow-Lehnsby - Nordic Real Estate Partners, Yohan Brillault - AXA Real Estate

REPORTING COMMITTEE

This committee oversees the INREV Guidelines for Reporting, Property Valuation, INREV NAV, Performance Measurement and Fee & Expense Metrics. In 2017 it will contribute to global initiatives such as global NAV and embedding results of the global fee project in the guidelines.

Joining: Rob Short - Langham Hall, Victoria Walbroehl - Corpus Sireo Asset Management Commercial GmbH, Paolo Alonzi - Standard Life Investments

Leaving: David Neil - Genesta, João Lelis - Sonae Sierra, José María Ortiz - ECE Real Estate Partners

RESEARCH COMMITTEE

In 2017 the committee will continue to drive INREV’s research agenda, with upcoming projects on liquidity premiums from non-listed real estate and competing asset classes, the role of real estate in DC pensions, and developing a global fund styles framework (in collaboration with NCREIF and ANREV).

Joining: Maarten Jennen - PGGM, Charles Conrath - JP Morgan Asset Management, Felix Schindler - HIH Real Estate, Andri Eglitis - Corpus Sireo Asset Management Commercial, Mark Long – BlackRock

Leaving: Anish Goorah - AXA Real Estate, Gunnar Herm – UBS, Marcus Cieleback - PATRIZIA Immobilien, Nicole Lux - Cass Business School, William Robson - Abu Dhabi Investment Authority

SECONDARY MARKETS & LIQUIDITY COMMITTEE

The committee aims to increase liquidity in non-listed vehicles and help facilitate secondary market trading. In 2017 it plans to expand the liquidity module of the guidelines and to create a practical guide to secondary market trading.

Joining: Paul Jackson - Accord Group Holdings, Casper van Grieken - CBRE BV, Johan Temse - First Swedish National Pension Fund (AP1), Kilian Toms - Landmark Partners

Leaving: Max Remmers – APG, Michael Siefert - Madison International Realty, Tommy Brown - LGT Capital Partners, Ulrich Kaluscha - 4IP Management

SUSTAINABILITY COMMITTEE

Working to improve the understanding of sustainability in the industry, in 2017 the committee plans to build awareness of sustainability risks and encourage an emphasis on health and well-being.

The Sustainability Committee will be working more closely with the ANREV Sustainability Committee from 2017 onward to align the promotion efforts of the new Sustainability Reporting Guidelines and to bring Australian best practices to Europe.

Leaving: Ralph Wood - AXA Real Estate Investment Managers, Thomas Beyerle - Catella

TAX COMMITTEE

As part of its efforts working towards the harmonisation of European tax structures in the sector, the committee’s 2017 plans include building the Tax Peer Call as an industry platform for sharing tax knowledge and measuring the tax impact on performance in a heightened regulatory environment.

Due to the strong connection between tax and public affairs, this committee will now be looked after by Jeff Rupp, INREV Director of Public Affairs.

Joining: Keith O’Donnell - Atoz SA, Anna Burchner – CMS Cameron McKenna

Leaving: Evert-Jan Spoelder - APG Asset Management, Claire Treacy - Valad Europe, Matt Probert -Cordea Savills, Paul Taylor - Hines, Pierre Kreemer - KPMG Europe

TRAINING & EDUCATION COMMITTEE

In 2017 the committee will support the promotion of the Certificate in Non-Listed Real Estate Investment with Henley Business School. It also plans to develop new courses on the role of sustainable investment in non-listed real estate.

Joining: Harm Zwier Middendorp - TKP, James Morrow - Deutsche Asset & Wealth Management, Albert Yang - Barings Real Estate Advisers

Leaving: James Raynor - Grosvenor Fund Management, Paul Lawrence – Elian

Visit www.inrev.org/committees for further information on each committee.