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Real estate industry associations agree to global standard to measure fees and costs

Industry Increases global transparency and comparability

29 January 2020, Amsterdam –
The principal global real estate associations, INREV, NCREIF, PREA and ANREV have reached unanimous agreement to the new Total Global Expense Ratio (TGER), which sets out a standardised approach for measuring the total fees and costs of real estate investment vehicles, enabling investors and managers to compare vehicles across different regions.  

Following industry-wide consultation (March to July 2018) TGER has been incorporated into the NCREIF PREA Reporting Standards and after a transition period which will run until January 2021 – TGER will be a required element of the INREV Guidelines, which are also adopted by ANREV in Asia Pacific.

The new ratio builds on the original INREV Total Expense Ratio (TER) and the Reporting Standards Real Estate Fees and Expense Ratio (REFER) and will greatly enhance the ability of investors and managers to compare fee structures across their non-listed real estate vehicles and investment portfolios, regardless of the regional domicile of these investments. It will also provide an additional mechanism for cost analysis and comparison with industry averages, helping to improve investment decision-making. 

Utilising the Global Definitions Database, TGER bridges gaps in terminology and definitions for the most widely used categories of vehicle fees and costs, adding a further layer of transparency and consistency for investors and managers.  

Guido Verhoef, Head of Private Real Estate, PGGM and Co-chair of the Global Standards Steering Committee, said: ‘TGER is a tremendous step forward for the industry as a whole.  It is evolution rather than revolution, but evolution that, particularly in this era of ever-increasing cross border capital flows and rising cost consciousness, delivers great benefits in terms of enhanced cost transparency.  TGER also drives closer alignment between investors and managers and significant enhancements to consistency and comparability.  This is an initiative about which the entire industry should be really excited. It’s certainly an achievement of which the Global Standards Steering Committee is immensely proud.’  

John Caruso, Managing Director, Global Head of Fund Finance, Nuveen Real Estate and Co-chair of the Global Standards Steering Committee states: ‘Finally, investors have the ability to easily compare fees and expenses across funds, which is a major consideration in making an investment decision.  TGER truly levels the playing field both domestically and internationally by providing a standard methodology for investment managers to follow as well as providing investors an additional measure to use when comparing investment alternatives.  The SSC and all of the volunteers involved are excited about this first true global standard.’

– Ends –

For further information, please contact: 
Johlyn da Prato, johlyn.da.prato@inrev.org, +31(0) 621397456
Lauren Hewitt, inrevteam@firstlightpr.com | +44 (0) 7776 146 434
Justin St Clair-Charles, inrevteam@firstlightpr.com | +44 (0) 7769 644 059

Notes to Editors
About INREV Guidelines

The INREV Guidelines provide a sound basis for consistent and detailed information exchange and reporting for investors and fund managers. The INREV Guidelines which are widely adopted in Europe and Asia Pacific cover nine modules: Corporate Governance; Reporting; Property Valuation; Performance Measurement; INREV NAV; Fee and Expense Metrics; Liquidity, Data Delivery and Code of Tax Conduct.  They are also supported by a range of tools, such as the Due Diligence Questionnaire; Standard Data Delivery Sheet; Self Assessments; and Global Definitions Database. 

About NCREIF PREA Reporting Standards

The NCREIF PREA Reporting Standards is a joint initiative with a specific mission to establish, manage, and promote transparent and consistent reporting standards for the real estate industry in the United States, which will facilitate informed investment decision- making.


INREV, the European Association for Investors in Non-Listed Real Estate Vehicles, was launched in May 2003 as a forum for investors and other participants in the growing non-listed real estate vehicles sector. The association represents and reflects an industry with a total value of €2.8 trillion and INREV members deliver €385 billion of stimulus to the real economy of Europe. 

INREV has 451 members which include 84 of the largest institutional investors as well as 40 of the 50 largest real estate fund managers, plus banks and advisors across Europe and elsewhere. 

The non-profit association is focused on increasing the transparency and accessibility of non-listed vehicles, promoting professionalism and best practice, and sharing knowledge. It is based in Amsterdam, the Netherlands. 


Based in Chicago, the National Council of Real Estate Investment Fiduciaries (NCREIF) is the American association of institutional real estate professionals who share a common interest in their industry. This includes investment managers, plan sponsors, academicians, consultants, appraisers, CPA's and other service providers who have a significant involvement in institutional real estate investments. They come together to address vital industry issues and to promote research. NCREIF acts as a non-partisan collector, processor, validator and disseminator of real estate performance information, including several quarterly indices.


About PREA

Founded in 1979, the Pension Real Estate Association (PREA) is a non-profit trade association for the global institutional real estate investment industry. PREA currently lists over 700 corporate member firms across the United States, Canada, Europe and Asia. PREA’s members include public and corporate pension funds, endowments, foundations, Taft-Hartley funds, insurance companies, investment advisory firms, REITs, developers, real estate operating companies and industry service providers. http://www.prea.org

About ANREV 

ANREV is the Asian Association for Investors in Non-Listed Real Estate Vehicles, a not-for-profit organisation based in Hong Kong. ANREV's agenda is driven by the members, in particular the investors, and is focused on improving transparency and accessibility of market information, promoting professionalism and best practices, sharing and spreading knowledge. Fund managers, investment banks, lawyers and other advisors provide support in addressing key issues facing the Asian non-listed private equity real estate fund markets.

ANREV is a sister organisation to INREV in Europe and works with a number of other associations across Asia Pacific and North America on research and professional standards. http://www.anrev.org