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.
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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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