In this year’s INREV Management Fees and Terms Study, the average Total Global Expense Ratio (TGER) for 2024 was 0.90% on GAV and 1.54% on NAV, based on a sample of 88 funds. Additionally, from a sample of 83 funds, an equally weighted average Real Estate Expense Ration (REER) of 1.04% on GAV was recorded.
Key highlights include:
- Core funds saw a marginal decline of the TGER by 1 bps in 2024 compared to the previous year, while Non-Core funds experienced a more pronounced decrease of 6 bps on GAV.
- Within Core funds, ODCE vehicles reported higher TGERs at 1.00% on GAV, compared to 0.72%, but showed lower TGERs than the set of Multi country – Multi sector funds, which averaged 1.38% on GAV.
- Consistent management fees for Core funds, but high dispersion in vehicle costs
- Non-Core funds and Nordic funds reported higher Real Estate Expense Ratios (REERs), albeit they were relatively consistent across different vintage groups
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Management Fees and Terms Study
Published on 23 Sep 2025