Designing and Operating Real Estate Investment Vehicles
Successful real estate funds are built on strong design, disciplined operations and transparent reporting. For professionals working in the European non-listed real estate industry, understanding how to structure and manage a vehicle in line with industry best practices is essential.
This course follows the lifecycle of a real estate investment vehicle — from initial design and structuring, through day-to-day operations, to best-in-class reporting, applying the INREV Guidelines as the common framework throughout.
This course was previously called ‘Real Estate Essentials: Unlocking Best Practices’.
The Attendance Fee is:
€950 for INREV members
€1200 for non-members
If you are not an INREV member and wish to register, please contact INREV Academy.
Under the guidance of course leader Michael Hornsby, participants will be guided through eight interactive eLearning modules, expert-led videos, and hands-on homework assignments built around an existing fund example and real-world scenarios. The six-week online programme includes live Zoom sessions with expert Q&A’s, offering the opportunity to explore practical challenges and share peer perspectives. The weekly workload is approximately five hours.
The course will cover the following topics:
The programme is structured around three key stages of a real estate vehicle lifecycle:
Part 1 – Vehicle Design
- The purpose and structure of the INREV Guidelines
- Governance and liquidity principles
- Vehicle structuring and key terms
- Investor documentation and launch considerations
Part 2 – Vehicle Operations
- Valuation cycles and best practices
- INREV NAV calculation and reconciliation
- Quarterly processes and operational oversight
Part 3 – Annual and Interim Reporting
- Best practices for annual and interim reporting
- Performance measurement ratios
- Fees and Expense Metrics
- Application of the INREV SDDS and ESG SDDS frameworks
Upon completion of the course, participants will be able to:
- Design and structure a real estate investment vehicle in line with industry best practice
- Apply governance and liquidity principles to vehicle documentation and operations
- Implement robust valuation and INREV NAV processes
- Calculate and interpret key performance, fee and expense metrics
- Apply INREV reporting principles to quarterly and annual reporting
- Use standardised frameworks such as the INREV SDDS and ESG SDDS to enhance transparency
This course is designed for mid-career professionals in the European non-listed real estate industry, particularly those working in finance, reporting and fund management roles. It also includes highly relevant topics for advisors, such as auditors or consultants. Investors and asset managers will also benefit from a structured understanding of how real estate investment vehicles are designed, operated and reported across their full lifecycle.
By joining the programme, participants will strengthen their ability to apply the INREV Guidelines in their day-to-day roles and contribute to transparent, well-managed real estate vehicles.
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