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.
TGERs continue to show minimal dispersion across ODCE funds at a regional level, indicating regional consistency
Key highlights include:
- The largest driver of regional differences between the TGERs is vehicle costs. TGER and vehicle costs are lower for US funds, which are generally larger and invest in a single country
- Asia Pacific ODCE funds report lower average TGERs relative to their European peers but the 19 bps spread reported last year has now shrunk. Asia funds report a higher TGER based on GAV at 0.86% vs 0.80% in the prior year, while the equivalent for European funds reduced from 1.00% to 0.91% in 2025.
- Professional services are the highest vehicle cost component across all three regions
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Jose Monsalve
Senior Research and Analytics Manager