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This paper sets out the evolution of the industry from 2004 to the present, evaluating the catalysts driving the re-birth, renewal and coming of age of the industry and the changes participants and products in non-listed real estate have experienced during this period.

This research shows that non-listed real estate can add value to DC investment strategies. 

AREF and INREV commissioned a paper on the important topic of cost transparency. The aim is to move towards a better industry-wide understanding of the composition and calculation of selected fee and expense metrics.  

This INREV research underlines the benefits of secondary trading in non-listed real estate funds. 

This research explores whether there is evidence of persistent performance among core open end European non-listed real estate funds.

This study focuses on the liquidity needs and requirements of investors who invest in indirect real estate. The aims of the study are to identify how investors define liquidity, discover the importance they ascribe to liquidity when compared to other investment considerations and explore the factors that influence their liquidity needs. Furthermore, the study examines investor views on the drivers of indirect real estate liquidity and their perspectives on the liquidity of indirect real estate vehicles, with a particular focus on closed end and open end real estate funds. Preferred secondary market transaction methodologies are also examined. Finally, investor suggestions for changes to the indirect real estate market which could enhance liquidity are discussed.

Non-listed core real estate funds offer the diversification benefits of real estate as part of a multi-asset portfolio and can provide investors with an accessible and transparent route to gain exposure to the sector. They are a maturing part of the European real estate industry that is now launching its second generation of funds. The first generation of funds faced the extreme challenges of the Global Financial Crisis (GFC) head on; an experience which has resulted in a refined and reconsidered fund product for the new cycle. This paper highlights both the qualitative and quantitative benefits of core real estate funds in Europe and how they can support the investment requirements of investors. The industry offers a wide range of products to match risk/return requirements, but this report focuses on core non-listed real estate funds as a natural entry point for investors that are looking for real estate exposure.

Since 2009 the European real estate market has witnessed the launch of a number of non-listed real estate debt funds from large and small fund managers with more expected to follow. INREV conducted this study in 2012 to provide its members with an insight into the debt funds segment. The snapshot is publicly available while the full report is for members only, please login if you cannot view all of the downloads below.