EUROPE – A new pan-European body for investors in non-listed real estate is to launch next week which hopes to tackle the issues arising in the growing market.
The European Association for Investors in Non-listed Real Estate Vehicles, or INREV, will celebrate its official launch in Wiesbaden, Germany next week.
The association’s treasurer Jan Willem de Geus says: “A lot of investors have increased their exposure to private real estate funds, and the market is growing rapidly. Some areas, such as reporting, research, information provision have not kept up with the growth of the product, however, and we need to work on inefficiencies.”
“INREV will provide a forum, and create a platform for sharing information on the market,” adds de Geus.
INREV’s mission is:
- to increase transparency and accessibility
- to promote professionalism and best practices and
- to share and spread knowledge
The promotion of greater transparency, accessibility, professionalism and standards of best practice will “generate increased levels of liquidity within the European private real estate market and hence further develop this market,” says the association.
The association will comprise seven committees, which will look at issues such as transparency, benchmarking, secondary markets and liquidity, reporting standards, corporate governance and research in the European non-listed real estate market.
According to de Geus, who is executive director at Morgan Stanley, the association has received great interest, and already has 55 members. Sixty percent of members must be institutional investors, but others include lawyers, investment bankers and advisers.
Current members include ATP Ejendomme. AXA Real Estate Investment Managers, ING Real Estate, Kempen & Co., Mn Services, MEAG Real Estate Management, PGGM, and Schroders Property Investment Management.
Together with Oxford Property Consultants, INREV will also be building a database of non-listed, or private, European real estate vehicles. Information provided will cover strategies, sizes, legal structures, fee and investor information.