During the briefing, Constantin Sorlescu, INREV together with Thomas Kallenbrunnen, PGIM Real Estate, Nick Brown, M&G Real Estate, John Ravoisin, PwC and Robert White, EY discuss:
- Liquidity requirements and secondary markets
- Terms and rights of redemptions
- Transparency and disclosures regarding pricing policy
This short paper provides a summary of considerations, relevant INREV Guidelines and additional best practice around open end vehicle liquidity.
This paper concentrates on the creation of liquidity in open end fund structures, by describing best case scenarios where investors and fund managers can go on to further successful investments in follow-on or new funds.
This INREV research underlines the benefits of secondary trading in 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.
The liquidity self tutorial provides an overview of the liquidity and secondary market trading aspects of the INREV Guidelines 2014.
It examines the different aspects of the liquidity guidelines as well as the objectives and the adoption framework.
INREV's liquidity provisions study was conducted in 2009 and analyses the liquidity provisions of non-listed real estate funds including investors’ possibilities to redeem and/or trade shares in those funds, any limitations on these provisions as well as levels of redemptions/trading seen recently. This document is for members only, please login if you cannot view all of the downloads below.