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This paper analyses and compares the fee structures and fee levels of non-listed real estate vehicles in Europe, Asia and the US. The paper is based on the individual Management Fees and Terms Studies for each of these regions.
This year’s ANREV and INREV studies included total expense ratio (TER) calculations, and both net asset value (NAV) and gross asset value (GAV) based TER were slightly lower in Asia than in Europe. Open end funds had lower TERs than closed end funds and single country funds tended to have lower TER than multi country funds. Target gearing naturally affects the NAV-based TER for highly leveraged funds. The lowest TERs were found in funds with a first closing before 2003.
24 Apr, 2024
This year's survey attracted the participation of 83 fund managers from 19 countries across Asia Pacific, Europe and North American with a minimum of US$129 billion of new equity raised for investments into non-listed real estate.
07 Feb, 2024
ANREV, INREV and NCREIF are pleased to present the latest in a series of quarterly snapshots of what’s happening in the global real estate investment market.
22 Nov, 2023
The ANREV Management fees and terms study explores fees and costs structures of Asia Pacific non-listed real estate funds with a focus on the Total Global Expense ratios (TGERs) and real estate expense ratios (REERs).