The Management Fees and Terms study, first launched in 2010, provides an overview of the fees and terms applied by Asia Pacific non-listed real estate funds. The study aims to increase the transparency of fee structures and fee levels in funds, and to create a framework for regular reporting of fees in funds.

Following publication of regional surveys by ANREV in Asia Pacific, INREV in Europe and PREA in the United States, a combined comparison study is published to provide valuable insights into fees on a global basis.

  • The ANREV / INREV Management Fees and Terms Comparison Study compares the fees and cost structures of non listed real estate investment funds in Asia Pacific and Europe with a focus on total expense ratios (TERs) and real estate expense ratios (REERs). The report is based on the regional studies conducted by ANREV and INREV during 2018.

    Some of the key findings identified in the report are as follow:

    • TERs before and after performance fees are higher in Asia Pacific than in Europe
    • Core funds in Asia Pacific have lower TERs than in Europe
    • REERs are on average lower in Asia Pacific than in Europe

    Please contact Draco Mok at [email protected] if you have any questions regarding the comparison study.

    Management Fees and Terms Comparison Study 2019PDF
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    Management Fees and Terms Comparison Study 2019 SnapshotPDF
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  • This is the fifth study on the fees and terms of non-listed real estate funds investing in the Asia Pacific region. This biennial project aims to increase the transparency of the fee structures and fee levels in funds, and to create a framework for the regular reporting of fees in funds. The project also aims to increase the understanding of the challenges and limitations the non-listed real estate fund industry faces in analysing and comparing fee structures and levels.

    Please contact Jimmy Ong ([email protected]) if you have any enquiries regarding to the fees and terms survey.

    Management Fees and Terms Survey 2018 (2019 Revised)PDF
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  • ANREV has started data collection for the Management Fees and Terms Study. This study is conducted every 2 years.

    The  questionnaire is integrated into the online ANREV Vehicle Data Input Tool. For funds that have participated in previous years, a significant part of the data is prefilled.

    Data can also be provided using an excel-based questionnaire. To maintain confidentiality results will be presented at an aggregated level and therefore no individual data will be published. 

    We kindly request members to provide data for all your funds by Thursday 31 May.

    If you have any queries please contact [email protected]

    ANREV Management Fees and Terms 2018 (Questionnaire)XLSX
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  • This study compares the fees associated with the management of non-listed real estate investment funds globally. The report is based on the regional studies conducted by Pension Real Estate Association (PREA) in the US, European Association for Investors in Non-listed Real Estate Vehicles (INREV) and Asian Association for Investors in Non-listed Real Estate Vehicles (ANREV) during spring and summer 2016.

    The INREV and ANREV management fee and terms questionnaire was updated in January 2016 to reflect updates to the INREV Fee and Expense guideline module. Updates to the questionnaire are minor and largely reflect alignment in terminology with the INREV guidelines.

    Management Fees and Terms for Non-listed Real Estate Funds Global Comparison Study 2016PDF
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  • This is the fourth study on the fees and terms of non-listed real estate funds investing in the Asia Pacific region. This annual project aims to increase the transparency of the fee structures and fee levels in funds, and to create a framework for the regular reporting of fees in funds. The project also aims to increase the understanding of the challenges and limitations the non-listed real estate fund industry faces in analysing and comparing fee structures and levels.

    Please contact Henry Lam ([email protected]) if you have any enquiries regarding to the fees and terms survey.

    Management Fees and Costs Survey 2016PDF
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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.

    Management Fees and Terms For Non-Listed Property Investment Funds: A Global Comparison Study 2014PDF
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  • This is the third study on the fees and terms of non-listed real estate funds investing in the Asia Pacific region. It is carried out for ANREV by KTI Finland. This annual project aims to increase the transparency of the fee structures and fee levels in funds, and to create a framework for the regular reporting of fees in funds. The project also aims to increase the understanding of the challenges and limitations the non-listed real estate fund industry faces in analysing and comparing fee structures and levels.

    The results of this study will also be used to compare management fees of Asia Pacific, European and US funds in a separate study to be published in Q3 2014.

    The full report is for members only, please login if you cannot view the downloads below.

    2014 Management Fees and terms study - ReportPDF
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  • This is the second study on the fees and terms of non-listed real estate funds investing in the Asia Pacific region. It is carried out for ANREV by KTI Finland. This annual project aims to increase the transparency of the fee structures and fee levels in funds, and to create a framework for the regular reporting of fees in funds. The project also aims to increase the understanding of the challenges and limitations the non-listed real estate fund industry faces in analysing and comparing fee structures and levels.

    The results of this study will also be used to compare management fees of Asia Pacific, European and US funds in a separate study to be published in Q3 2012.

    The full report is for members only, please login if you cannot view the downloads below.

    2012 Management Fees and terms study - reportPDF
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  • This paper analyses and compares the fee structures and fee levels of nonlisted property funds in Europe, Asia and the US. It is based on individual Management Fees and Terms Studies by ANREV, INREV and PREA.

    Nearly all of the funds in the three studies charge an annual fund management fee, with the most common bases for fund management fees varying across regions. In Europe, gross asset value (GAV) is the most favoured basis, whereas in Asia commitment, drawn commitment and GAV are used equally as much. In the US, invested equity was the most common basis for management fees.

    For further information and queries, please contact [email protected]

    2012 Management Fees and terms study (global comparison) - reportPDF
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  • 2011 Management fees and terms study (global comparison) - reportPDF
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