Management Fees and Terms Study
The INREV Management Fees and Terms Study explores the fee and costs structures of the European non-listed real estate vehicles, with a focus on the Total Global Expense Ratios (TGERs) and Real Estate Expense Ratios (REERs).
The Management Fees and Terms Study provides TGERs and REERs for several fund characteristics, including investment style, structure, fund size, vintage, target gearing, country strategy and sector strategy.
The study was launched in 2007 and is now published annually in September – October. In 2023, an additional analysis was conducted to provide the latest insights into management fees of the European open end diversified core equity (ODCE) funds, which is now an annual publication. In 2024, the first release of the Global ODCE Management Fees Publication was published, providing the first global comparison of the Total Global Expense Ratio (TGER) and produced by the Global Alliance – a joint initiative established by ANREV, INREV and NCREIF.
Large, core, and funds with single country and single sector strategies report lower TGERs
Key highlights include:
- Core funds saw a marginal decline of the TGER by 2 bps in 2025 compared to the previous year, while non-core funds experienced a more noticeable decrease of 15 bps on gross asset value (GAV) and 64 bps on net asset value (NAV).
- Consistent management fees for Core funds, but high dispersion in vehicle costs, while Non-core funds reported higher dispersion of the management fees.
- ODCE vehicles reported higher TGERs at 0.91% on GAV, compared to 0.72% for Core excluding ODCE funds. Despite recording higher costs than other Core peers, ODCE showed lower TGERs than the set of other multi country – multi sector funds, which averaged 1.11%.
- Non-Core funds and Nordic funds reported higher Real Estate Expense Ratios (REERs), while UK-focused funds recorded the lowest REERs.
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Jose Monsalve
Senior Research and Analytics Manager