Did you know? A closer look at the INREV Guidelines

The INREV Guidelines bring together a comprehensive framework of ten modules designed to strengthen consistency and transparency across the non-listed real estate industry. These are divided into two categories: Best Practice Modules and Compliance Modules.

Best Practice Modules
These modules set the standard for excellence and are recommended for all managers to adopt:

• Governance – Principles for effective oversight, accountability and clear decision-making.
• Property Valuation – Guidance on transparent valuation policies, disclosures and independent oversight.
• Liquidity – Best practice for designing and managing redemption policies, stress testing and liquidity risk disclosures.
• Sustainability – The latest addition, providing direction on integrating ESG into governance, reporting and risk management.
• Code of Tax Conduct – Encourages responsible and transparent approaches to tax planning and disclosure.

Compliance Modules
These modules define mandatory requirements for reporting and disclosure to ensure consistency across the industry:

• Reporting – Requirements for annual and interim reporting, including investor disclosures.
• Performance Measurement – Standardised definitions and methodologies for presenting investment performance.
• INREV NAV – Rules for calculating and disclosing a consistent net asset value.
• Fee & Expense Metrics – Transparent disclosure of all fees and expenses, including TGER.
• Data Delivery – Standards for sharing information efficiently with investors and INREV.

Did you know the most viewed modules are Fee & Expense Metrics, INREV NAV and Performance Measurement? This reflects the industry’s strong demand for clarity in financial reporting, with over 90% of investment managers using the Guidelines (Membership Survey 2025).

Take two minutes to watch our video below or visit our FAQ page for an overview of the INREV Guidelines and discover the tools that make adoption simple and effective.