INREV

The European Association for Investors in Non-Listed Real Estate Vehicles is the industry body for institutions that put money into unlisted property funds. It publishes reporting standards and definitions so that one fund can be compared with another. Membership is the investors and the managers who run those vehicles.

A tool those investors use on a manager is a Due Diligence Questionnaire (DDQ). The association does not fill the questionnaire in. It standardizes the figures the questionnaire is asking about, so two answers can be lined up.

What the Association Publishes

• Definitions. What a return, a fee, or a risk figure means for an unlisted property fund.
• Reporting guides. How a manager lays those figures out for investors.
• Not a rating. It does not score a fund or approve an investment.

The Association and a Single Fund

Compared	The Association	A Single Fund
Sets a definition	Yes	Reports under it
Holds the property	No	Yes, through the vehicle
Answers an investor’s questionnaire	Provides the definitions	Provides the numbers