INREV, ANREV and NCREIF have signed a global alliance memorandum of understanding (MoU) to advance the global agenda of transparency, accessibility and professionalism and increase harmonisation across the non-listed real estate industry.
This is the latest milestone in global collaboration for the non-listed real estate sector, which has seen a tripling of capital inflows across continents in the last decade. It marks a notable step forward in the development of globally consistent market practices, building on previous joint initiatives.
To date, the collaboration has produced a number of outputs, including market indices, research projects and industry standards. It started in 2013 with the development of the Global Real Estate Fund Index. The latest market index to emerge from this collaboration is the Global IRR Index, published on 29 April 2020, which tracks the since-inception performance of closed end, value added and opportunity funds in Asia Pacific, Europe and the US.
The global partnership will continue to deliver aligned research products, such as the annual Fund Manager Survey, as well as collaborating on important global standards initiatives, such as the Global NAV and Total Global Expense Ratio.
As a non-exclusive alliance, INREV, ANREV and NCREIF will continue to work with other regional and national organisations where there is alignment on furthering global harmonisation. The alliance already has an official cooperation agreement in place with PREA in the US, to establish a set of global guidelines.
'The real estate industry is more global today than ever before and this agreement strengthens the existing cooperation between our respective regional associations. It improves our collective ability to gather insights, share knowledge, harmonise standards and better meet the requirements of the growing number of global investors and managers,’ said Inrev’s CEO Lonneke Löwik.
INREV is the European Association for Investors in Non-Listed Real Estate Vehicles, representing an industry with a total value of €2.8 tln.
ANREV is the Asian Association for Investors in Non-Listed Real Estate Vehicles, a not-for-profit organisation based in Hong Kong.
Based in Chicago, the National Council of Real Estate Investment Fiduciaries (NCREIF) is the American association of institutional real estate professionals who share a common interest in their industry.