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INREV encouraged UK authorities to ensure that the regulatory framework for alternative investment fund managers is proportionate, supports cross-border alignment with the EU, and facilitates smoother market access for UK funds. We highlighted the need to preserve competitiveness, reduce barriers for small managers, and promote investor protection through pragmatic reforms.

INREV welcomes the European Commission’s review of the SFDR and recommends targeted reforms to improve its effectiveness for the real estate sector. Key proposals include clearer definitions, a fit-for-purpose product categorisation system – including transition strategies – and tailored guidance on data and disclosures to support sustainable investment.

INREV encourages stronger EU-level action to address regulatory fragmentation in the non-listed real estate sector. The response calls for harmonised, principles-based regulations, stronger supervisory coordination, and greater alignment with international regimes to boost efficiency, cut costs, and unlock investment across borders.

INREV recommends the European Commission address regulatory fragmentation by recognising group-wide compliance structures, simplifying cross-border processes, and aligning national rules. Targeted reforms are needed to streamline reporting, enable innovation, and support a more integrated and competitive EU real estate fund market.

INREV recommends that the EU adopt a coordinated, long-term strategy that recognises housing as strategic infrastructure. The response also calls for stable policy frameworks that align public objectives with institutional capital and ensure that affordability and climate goals are pursued together. We encourage the EU to play a central role in harmonising regulations, sharing best practices, and embedding housing within wider EU priorities.

The Aligning Real Estate Sustainability Indicators (ARESI) white paper aims to address existing ambiguities in real estate Key Performance Indicators (KPIs) within the European legislative framework, in order to unlock investment and drive decarbonisation of real estate. Robbie Epsom, EMEA Head of Sustainability at CBRE Investment Management, and Hugh Garnett, Investor Strategies Senior Specialist - Real Assets at IIGCC presented this industry proposal to enhance clarity and consistency in sustainability reporting.

In response to the EFRAG public call for input, INREV supports the EU’s efforts to enhance and simplify the sustainable finance framework. We encourage alignment with existing standards and practices, such as the INREV ESG SDDS and ARESI metrics, and emphasise the importance of interoperability among existing frameworks.

Download INREV’s Position Paper on ESMA Consultation on Draft regulatory technical standards on open-ended loan-originating AIFs under the AIFMD