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 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).

    This includes 34 vehicles managed by 20 managers that submitted their 2022 TGERs representing a combined total GAV of US$100.7 billion. Of the 34 vehicles which provided data for their TGERs, 20 vehicles provided data on their 2022 REERs.

    ANREV Management Fees and Terms Study 2023PDF
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    ANREV ODCE Management Fees and Terms Study 2023PDF
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    ANREV Management Fees and Terms Study 2023 - SnapshotPDF
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  • 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).

    This year’s study includes 57 vehicles managed by 27 managers that provided information on general fees and terms (representing a combined total GAV of US$110.9 billion). Of those, 42 funds managed by 24 managers submitted their 2021 TGERs representing a combined total GAV of US$96.8 billion.

    ANREV Management Fees and Terms Study 2022PDF
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    ANREV Management Fees and Terms Study 2022 - SnapshotPDF
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    ANREV Management Fees and Terms Study 2022 - Press ReleasePDF
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  • The ANREV / INREV Management Fees and Terms Comparison Study compares the fees and cost structures of 33 non-listed real estate investment funds in Asia Pacific and 87 in Europe with a focus on Total Global Expense Ratios (TGERs), Total Expense Ratios (TERs) and Real Estate Expense Ratios (REERs). The report is based on the regional studies conducted by ANREV and INREV during 2020.

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

    • Average TGERs and TERs for core and value added non-listed real estate funds in Asia Pacific are lower than those in Europe.
    • Average REERs are higher in Asia Pacific than in Europe

    Please contact Sharon Chan if you have any questions regarding the comparison study.

    Management Fees and Terms Comparison Study 2021PDF
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    Management Fees and Terms Comparison Study 2021 - SnapshotPDF
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  • The ANREV Management fees and terms study explores fees and costs structures of Asia Pacific non-listed real estate funds with a focus on total expense ratios (TERs) and real estate expense ratios (REERs).

    For the first time in 2020 the study will also cover the first data on the Total Global Expense Ratio (TGER) which is the new global standards adopted by ANREV, INREV and NCREIF PREA reporting standards to facilitate comparison of fees and costs between real estate investment vehicles that operate across the different regions.

    ANREV Management Fees and Terms Study 2020PDF
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    ANREV Management Fees and Terms Study 2020 - ODCE funds TER and TGERPDF
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    ANREV Management Fees and Terms Study 2020 SnapshotPDF
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  • 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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