ODCE funds reported lower fees and vehicle costs in 2025

INREV is pleased that for the fourth consecutive year, all 16 ODCE funds have participated in the ODCE Management Fees and Terms publication. 

This year’s equally-weighted TGER based on GAV moved for the first time in two years, decreasing by 9 bps to 0.91%. The TGER based on NAV declined as well from the 2024 highs of 1.42% to 1.29%, the lowest since the series began in 2022. 

Key highlights include:

• The average 2025 management fees decreased by 4 bps, while vehicle costs decreased by 5 bps year-on-year
• Funds with GAV above €2 billion report lower vehicle costs, indicating economies of scale
• The TGER based on NAV decreased by 13 bps to 1.29%, which can be partly explained by a slight decrease in gearing (% of GAV)
• The REER for ODCE funds remained unchanged in 2025

The wider INREV Management Fees and Terms Study with 2025 results will be published in September 2026. INREV invites all members to provide data for non-ODCE funds for this wider publication. 

Download the report and chartbook below.