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.