INREV, the European Association for Investors in Non-listed Real Estate Vehicles, launched new industry guidelines at its annual conference in Berlin on 8 April.
The revised INREV Guidelines are the result of a full-scale review, the first since the original set of guidelines were developed in 2005 and formally integrated in 2008, before the onset of the financial crisis.
The review process included 18 months of industry consultation and engagement with over 300 industry players and organisations across three continents.
As a result, a number of substantive changes have been made particularly in the areas of corporate governance, liquidity and reporting. Taken together, it is expected that these updates will increase transparency in the non-listed real estate sector, driving further possibilities for benchmarking and performance analysis. Greater availability of industry information will benefit investor choice both in relation to fund managers and investment products.
Structurally, the guidelines have been completely overhauled to become more accessible and user-friendly. In its new online format the guidelines tool is organised into modules so that content can be easily referred to and implemented by individual organisations. Separate modules can now be reviewed and new ones added at any time, meaning that guidance can quickly be updated in response to market or industry changes.
Amélie Delaunay, director of research and professional standards at sister organisation ANREV, the Asian Association for Investors in Non-Listed Real Estate Vehicles, says: “The new INREV guidelines are coming at a time where the non-listed real estate industry in Asia Pacific is moving towards greater transparency and best practices. I have recently met a lot of managers asking about the new guidelines, so now our goal is to promote these INREV Guidelines in the region to ensure investors receive consistent and reliable information globally.”