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.
DOWNLOAD
ODCE funds reported lower fees and vehicle costs in 2025
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
Questions about Nick Tyrrell Research Prize?
Please don't hesitate to contact us.
Jose Monsalve
Senior Research and Analytics Manager