• With the participation of many of their volunteer members, ANREV, INREV, NCREIF and PREA are pleased to present the Fee and Expense Metrics – Phase I Results – the first joint publication towards global reporting standards. These Phase I Results bridges gaps in terminology and associated definitions of the most common fees and costs.

    Investors can use this report guidance to enhance their understanding of fees (between investment managers and their investors) and costs (charged to a fund by external service providers). These include the Total Expense Ratio (TER) and the Real Estate Expense Ratio (REER) contained in the INREV Guidelines and the Real Estate Fees and Expenses Ratio (REFER) contained in the NCREIF PREA Reporting Standards. In 2017 we expect to build on this product as we complete the development of a globally consistent set of measures of fees and costs; thereby equipping investors with the tools needed to compare costs across regions.

    The Global Standards Steering Committee (SSC) has other projects progressing including a converged glossary of terms and also reporting asset management information similar to that provided within INREV’s Standard Data Delivery Sheet. They have also begun discussing Net Asset Value (NAV).

    Please contact Amélie Delaunay for further information.

    Fee and Expense Metrics – Phase I ResultsPDF
  • We are pleased to present the first product of our Global Standards Steering Committee, and to update members on three global projects.

    The NCREIF PREA Reporting Standards and INREV Guidelines: Broad Comparison 2015, highlights the most important differences between the INREV Guidelines that we endorse in Asia Pacific and the NCREIF PREA Reporting Standards and proposes steps to bring them into closer alignment. The report is based on a study prepared by Deloitte NL and focuses on five areas of convergence: definitions, fees and expense ratios, reporting, valuation, and NAV and fair value accounting. Two projects are currently underway to take the next step towards global reporting standards in these areas of convergence.

    The Global Definitions Project strives to develop a common glossary of terms – an essential component of any converged standard.  A taskforce has been assembled and milestones are being established. This project will be on-going throughout the conversion process.

    The Fee and Expense Project is converging the NCREIF PREA Reporting Standards Real Estate Fees and Expenses Ratio (REFER) with the INREV Total Expense Ratio (TER) to create a single global standard – a critical component to understand manager performance for a fund or vehicle. A taskforce has been assembled and has commenced work.  We anticipate substantial completion of the Fee and Expense Project for use in the Management Fees Term Study: A Global Comparison Study that will be published by ANREV, INREV and PREA in 2016

    The Reporting Project will harmonise qualitative and related quantitative reporting elements globally.  We are currently seeking volunteers to form the third project.

    The Global Standards Steering Committee was established in early 2015 as a collaboration between ANREV, INREV, NCREIF and PREA to jointly develop a global set of information reporting and disclosure standards, on a non-exclusive basis, which apply and are relevant to the private/non-listed real estate vehicle industry in order to support efficiency and best practice as well as the flow of capital in this industry sector. For further information about any of our projects or if you are interested in participating, please contact Amelie Delaunay, ANREV Director of Research and Professional Standards.

    INREV Guidelines and NCREIF PREA Reporting Standards: Broad Comparison 2015PDF
  • This is the third annual review of best practice reporting published between PwC and ANREV.

    As anticipated last year, compliance levels are growing back towards the levels established with the “old” Guidelines, with headline compliance moving up from 57% last year to 68% this year.

    Key highlights of the review this year:

    • Work in progress to comply with revised INREV Guidelines as managers are keen to achieve a high level of compliance
    •  Investments in technology with the use of online investor reporting portals
    • Fund managers are putting more importance and effort in ESG reporting

    As part of the 2015 review, private feedback, through interviews and calls, were organised with the 28 participating fund managers, covering all 47 respondent funds.

    We would like to extend our sincere thanks to all who shared their valuable time and expertise during this project. 

    This document is for members only. Please login if you do not see the downloads below.

    Review of Investor Reporting Trends 2015PDF
    Review of Investor Reporting Trends 2015 SnapshotPDF
  • Earlier this year INREV, ANREV, NCREIF and PREA officially signed an agreement to create global standards.

    To support and advise on the creation of these standards a global steering committee of industry experts has been set up with representation from Asia Pacific, Europe and North America.

    A comparison of the NCREIF PREA Reporting Standards and the INREV Guidelines was jointly commissioned by Deloitte, NL and a preliminary report of its conclusions was presented during the first meeting of the Standards Steering Committee on June 18.  The Committee’s initial priorities will be the development of consistent definitions and the reconciliation of INREV’s Total Expense Ratio with the NCREIF PREA Reporting Standards Real Estate Fees and Expenses Ratio.

    We are delighted to announce that the following senior industry experts have agreed to participate:




    Mark Kemper

    KPMG China


    Faisal Khan

    The Abraaj Group


    Neil Harris



    Andrew Muscat

    LaSalle Investment Management


    John Ravoisin



    Connie Tirondola


    NCREIF/PREA Reporting Standards

    John Caruso


    NCREIF/PREA Reporting Standards

    Ken Greguski


    NCREIF/PREA Reporting Standards

    Jef Holland



    For further information please contact Amelie Delaunay, ANREV. Maurits Cammeraat, INREV or Marybeth Kronenwetter, NCREIF PREA Reporting Standards.

  • ANREV is part of The International Property Measurement Standards Coalition (IPMSC), a group of 65 professionals and not-for-profit organisations from around the world, working together to develop and implement international standards for measuring property.

    In June 2015, IPMS Coalition has launched a consultation on the new International Property Measurement Standard, IPMS: Residential Buildings.

    IPMS: Residential Buildings is being developed by the Coalition to establish a common, international methodology for measuring residential property. It seeks to address existing inconsistencies in measurement practices between and even within markets, which can lead to confusion for consumers and the inability to compare property on a like-for-like basis.

    IPMS: Residential Buildings will enhance transparency and consistency in property data.

    IPMS: Residential Buildings is the second in a suite of International Property Measurement Standards and follows the November 2014 launch of IPMS: Office Buildings. Once published, Coalition organisations have committed to implementing the new standard. Further standards will be created to address industrial, retail and mixed use property.

    Creating a market-leading international standard is no easy task. The Coalition has appointed 18 independent experts to lead this work with input from across property markets worldwide. The Coalition organisations recognise the vital importance of gathering extensive consultation feedback in order to deliver something that is fit for purpose and best in class.

    On behalf of the entire Coalition , ANREV invites you and your business to review the consultation draft and to offer your valuable feedback.  A copy of the IPMS: Residential Buildings consultation questions can be downloaded here.

    You can also access an online version, along with a feedback form through the Coalition’s website: www.ipmsc.org .

    Responses should be sent electronically to [email protected] . The consultation will close on Wednesday 30 September 2015.

    IPMS Residential consultation questionsPDF
  • ANREV is now collecting investor reporting documents for its fifth Review of Investor Reporting Trends 2015, a survey of non-listed real estate funds in the Asia Pacific Region.

    This project, which is again being undertaken in co-operation with PwC aims to analyse non-listed real estate funds’ investor reporting to determine the extent to which they comply with the INREV Guidelines on annual and interim reporting and to identify the current market best practices for this topic in Asia-Pacific.

    In order to assess compliance with INREV Guidelines, we would like to invite you:

    • To fill the self-assessment questionnaire: Guidelines_Compliance_Checklist.
    • To send  your latest audited annual reports and interim reports before 26 June 2015, together will all other relevant communications sent to investors (i.e.: presentations, webcasts, investor portal access on website, ad hoc reporting on INREV NAV)

    Each manager may determine what documents to submit, depending on how they report to investors, and where information relevant to the Guidelines is presented.  It would be preferred that Managers submit their Q4 quarterly report, if one is issued to the same date as audited financial statements.

    As with previous Investor Reporting studies, participating fund managers will be provided with high-level individual feedback on the reporting performance of their funds and areas for potential improvement, along with a follow up physical meeting or phone call to discuss the findings and comparison to their peers.

    To preserve confidentiality, your reporting documents should be submitted directly to PwC (contact details below). All information submitted by fund managers for the purposes of the study will be treated confidentially. ANREV management may also attend some feedback meetings unless a participant requests them not to. More information about PwC and their assurance on confidentiality are provided below.  

    We would therefore appreciate it if you could send the latest audited annual reports and quarterly investor reports for your non-listed real estate funds to us as it becomes available at the address below, before 26 June 2015.

    Private & Confidential


    21/F, Edinburgh Tower

    15 Queen’s Road, Central

    Hong Kong

    Attention: Stanley Tam

    E-mail: [email protected]

    If you have any questions with regard to the project please do not hesitate to contact the PwC project leader, Mr. Paul Walters, or myself.

    Paul Walters

    Asia-Pacific Real Estate Assurance Leader


    Tel:  + 852 2289 2720

    Email: [email protected]              

    Amélie Delaunay

    Director, Research and Professional Standards


    Tel: +852 3757 9799

    Email: [email protected]


    We look forward to receiving your responses.  

  • The consultation is open for the new Performance Measurement Module of the INREV Guidelines.

    ANREV and INREV welcome your feedback as we believe that input from the wider industry audience will contribute to covering all aspects in the area of measuring performance for the non-listed real estate vehicles.

    We appreciate your feedback before 4 June 2015.

    Following the consultation period all relevant feedback will be incorporated and the module will be added to the INREV Guidelines.

    Performance Measurement module fits INREV Guidelines framework

    The project was initiated by the INREV Performance Measurement and Benchmarking Committee in 2014 and took into consideration GIPS, the generally accepted principles of full disclosure and fair representation of investment performance results. The Performance Measurement module is required to fit into the overall INREV Guidelines framework and is linked with formulas used for the ANREV and INREV Index.

    Provide feedback via email

    Please send your feedback to Amélie Delaunay, Director of Research and Professional Standards at ANREV via the e-mail: [email protected] or Maurits Cammeraat, Director of Professional Standards via e-mail to [email protected].

    INREV Performance Measurement Whitepaper 2015PDF

    This is the second annual review of best practice reporting published between PwC and ANREV.

    2014 has very much been a year of change, with the INREV Guidelines substantially redesigned in terms of both content and user interface, incorporating much of the feedback provided by Asia Pacific managers during last year’s review.

    The report aims to provide fund managers and investors with insights into the trends in investor reporting practices in Asia Pacific and to enable benchmarking of current reporting practices across different geographic regions and fund strategies.

    In this study we reviewed the investor reporting of 38 non-listed real estate funds and compared them to the detailed requirements of the New INREV Guidelines. Private feedback interviews were held with 23 of the 25 participating fund managers, as well as discussions with several investors active in the region to seek their perspectives on where reporting practices should be headed.

    We would like to extend our sincere thanks to all who shared their valuable time and expertise during this project. We trust that all participants received useful feedback from the exercise which will assist them in their ongoing investor relations. 


    This document is for members only. Please login if you do not see the downloads below. 



    For further information, please contact Amélie Delaunay at [email protected]


    Review of Investor Reporting Trends 2014PDF
  • このほど運用が開始されたINREVガイドライン2014は18ヶ月間に渡り、300社以上の業界関係者によるコンサルテーションやインプットに基づき、幅広い層の非上場不動産ビークルをカバーしています。ガイドラインはマーケットの変化に対応すべく、より使いやすく、容易にアクセス出来るよう作成されています。



    • 7つのモデュール(項目):コーポレートガバナンス、報告、不動産評価、INREV NAV、手数料・費用測定基準、流動性、INREVデータデリバリー
    • 7つのツール:コンプライアンスチェックリスト、コーポレートガバナンスの自己評価ツール、ファンド・オブ・ファンズのマネージャーとマルチマネージャー向けデューデリジェンスの質問表、標準的な非開示契約、債務及びデリバティブ開示注釈書、標準データデリバリーシート
    • 7つの事例:コンプライアンス・デシジョンツリー、INREVガイドラインの採用レベルの報告書、サステイナビリティ報告の推奨、キャピタルコールおよびディストリビューション、INREV NAVの計算、手数料・費用測定基準の計算および表示方法、私募目論見書の構成



    ガイドラインのお問い合わせはAmélie Delaunay ([email protected])、もしくは林文香([email protected])までご連絡ください。

    INREVガイドライン2014 - 定義集PDF
    INREV Guidelines 2014PDF
    INREV Guidelines 2014 - DefinitionsPDF
  • INREVガイドライン2014スナップショットPDF