European ODCE funds recorded an even greater consistency of fees and costs in 2024

INREV is pleased that all 16 ODCE funds participated in this year’s ODCE Management Fees and Terms publication, covering the end of 2024 results. The Total Global Expense Ratio (TGER) based on GAV remained unchanged compared to 2023, at 1.00%, while the GER based on NAV increased by 5 bps from 1.37% to 1.42%.

Key highlights include:

• This increase in TGER based on NAV could be explained by slightly higher gearing levels for ODCE funds.
• The average 2024 management fees decreased by 3 bps while vehicle costs increased only slightly year-on-year.
• Funds with GAV above €2 billion reported lower vehicle costs.
• The average REER increased by 4 bps to 0.97% in 2024, and there was a smaller range of REERs compared to 2023.
• Property acquisition costs contributed approximately one-third of REER on average and had the largest dispersion.

Download the report and Excel below.