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Management Fees and Terms Study

Published every two years

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 every two years in September – October.
In collaboration with ANREV, an additional report is published, comparing the results for the European and Asia Pacific regions.

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Latest highlights
Columns

Core, older, and large funds, and those with single country and single sector strategies report lower TGERs

Key highlights include:

  • The average reported Total Global Expense Ratio (TGER) for 2023 was 0.94% based on GAV and 1.72% based on NAV
  • Management fees were more consistent compared to the vehicle costs. Large core funds had lower vehicle costs
  • Core funds and large funds reported lower Real Estate Expense Ratios (REERs), however they were relatively consistent across sector strategies

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