INREV GUIDELINES PDF

INREV has developed an integrated set of principles and recommendations including tools and examples for governance and information provision for fund managers and investors of non-listed real estate vehicles. The objectives of the INREV Guidelines are: to establish requirements and best practices within the sector and to help managers implement them in practice; to ensure that investors in non-listed real estate vehicles obtain consistent, understandable, easily accessible and reliable information that can be compared across investments and between different periods. The INREV Guidelines are presented in an online format, allowing visitors to easily navigate and search through and create specific customised guidelines. The guidelines are primarily tailored towards non-listed real estate funds, but further guidance applicable to specific investment vehicles will be added over time. Best practices Best practices have been developed by INREV to enable investors and managers to design vehicle products with an effective corporate governance framework aligned with industry best practices and at the same time relevant to specific needs. Managers should evaluate themselves against such best practice frameworks and disclose their level of adoption.

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INREV members have encouraged and strongly supported the establishment of industry guidelines over the past few years and developed an integrated set of principles and recommendations including tools and examples for governance and information provision for investors and investment managers and investors of non-listed real estate vehicles.

The objectives of the INREV Guidelines are: to ensure that investors in non-listed real estate vehicles obtain consistent, understandable, easily accessible and reliable information that can be compared across investments and between different periods; to establish requirements and best practices within the industry and to help investment managers implement them in practice.

The INREV Guidelines are presented in an online format, allowing visitors to easily navigate and search through and view tailored guidelines for example for open end funds. The Guidelines are embedded in an Adoption and Compliance Framework which allows investment managers and investors to evaluate their implementation of the INREV Guidelines, module by module. Best practices Best practices have been developed by INREV to enable investors and investment managers to design vehicle products with an effective corporate governance framework aligned with industry best practices and at the same time relevant to specific needs.

Investment managers should evaluate themselves against such best practice frameworks and disclose their level of adoption. Tools support market participants in assessing specific situations and in complying efficiently with INREV Guidelines and standards.

Examples serve as a pattern to be followed by market participants to illustrate a certain standard. Since non-listed vehicles can differ considerably, INREV provides a modular approach to guide investors and managers in agreeing on an appropriate level of adoption of INREV best practices and in deciding on the level of compliance with INREV requirements for individual modules. The INREV Guidelines Assessments have been developed to assess the compliance with these modules for managers as well as for investors.

The assessment for the property valuation module will be added soon. These requirements leave no room for different interpretation: the requirements are either followed, or not. The assessment for the Performance measurement module will be added soon.

The online assessments include all the requirements that need to be followed to be in compliance with the guidelines, as well as providing an overview of the applicable recommendations.

If all of the requirements for an individual module are fully implemented, the manager can disclose full compliance with the relevant module. If the requirements of a module are not fully met, the manager should disclose that the vehicle does not fully comply with that module of the INREV Guidelines and state the reasons for deviation including any additional information relevant to investors. In all cases, investment managers should present investors with a clear and accurate picture of the level of compliance with the INREV Guidelines.

The vehicle documentation should describe, on a module by module basis, the extent to which the vehicle aims to be in compliance with INREV Guidelines. The level of adoption and compliance with the INREV Guidelines is a matter to be discussed during the launch process of the vehicle.

INREV does not provide any assurance on the degree of adoption of best practices or on the level of compliance with requirements for individual vehicles. We recommend that investors and managers discuss and agree the nature of such assurance as part of the launch process. The framework includes references to tools which can be used to assist in the application of the guidelines. Best Practice Modules.

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INREV members have encouraged and strongly supported the establishment of industry guidelines over the past few years and developed an integrated set of principles and recommendations including tools and examples for governance and information provision for investors and investment managers and investors of non-listed real estate vehicles. The objectives of the INREV Guidelines are: to ensure that investors in non-listed real estate vehicles obtain consistent, understandable, easily accessible and reliable information that can be compared across investments and between different periods; to establish requirements and best practices within the industry and to help investment managers implement them in practice. The INREV Guidelines are presented in an online format, allowing visitors to easily navigate and search through and view tailored guidelines for example for open end funds. The Guidelines are embedded in an Adoption and Compliance Framework which allows investment managers and investors to evaluate their implementation of the INREV Guidelines, module by module. Best practices Best practices have been developed by INREV to enable investors and investment managers to design vehicle products with an effective corporate governance framework aligned with industry best practices and at the same time relevant to specific needs.

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Standards Overview

Research[ edit ] INREV publishes over a dozen reports annually on topics of interest to investors, fund managers , and financial advisors. Key research publications include: Investment Intentions survey, an annual investment intentions survey to cover European non-listed real estate funds; Fund Managers Survey, which looks at the total real estate assets under management AUM for individual fund managers; and, Management Fees and Terms Study, which includes an overview of the fee structures and fee levels of European non-listed real estate funds, and a comparison study which compares Europe with Asia and the US. The databases comprise key characteristics for all real estate vehicles like the strategy, size, allocation and contact details as well as other characteristics. Professional Standards[ edit ] The INREV Guidelines provide fund managers and institutional investors with an integrated set of principles, guidelines and recommendations including tools and examples for governance and information provision in relation to non-listed real estate vehicles. Other professional standards tools include: Standard Data Delivery Sheet SDDS for quarterly reporting, which captures the most essential quantitative data investors say they would like to receive from their managers on a quarterly basis; and, a standard non-disclosure agreement NDA to replace the wide variety of NDAs currently being used in the industry, decreasing the time required to review the various NDAs and increase overall efficiency. Public Affairs[ edit ] INREV prepares briefing papers on a range of regulatory issues affecting the non-listed real estate industry, such as AIFMD and Solvency II , makes available consultation papers from the European Commission and other regulators, and also collaborates with other agencies to develop industry responses to public consultations, and more.

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