AEW Europe, one of the major European real estate investment managers, has signed a rolling four-year European-wide contract with IPD to benchmark all of its core and value-added funds.
The contract will see the integration of 23 core and value-added funds, in aggregate worth 8.9 bln., into IPD's French and Multi-National Portfolio Analysis Service (PAS). The contract includes all future AEW European core and value-added funds.
AEW Europe has a long history as an IPD member with its first fund joining PAS in 2001. AEW is in fact one of the earliest sponsors of IPD in France.
The 23 funds measured by IPD comprise five retail open-ended funds and 18 institutional closed-ended funds, and include portfolios managed for Caisse des Dépôts et Consignations and CNP Assurances, two significant French real estate investors. Across the portfolio of real estate funds, 15 are purely French-focused; four are pan-European funds, while the remaining four are other single-European country funds.
Christian Delaire, CEO of AEW Europe, said: "AEW Europe's decision to contact IPD to measure 23 core and valued-added funds, worth almost 9 bln., underlines its commitment to transparency and acknowledges its investors' need for independent real estate benchmarks."
Christian de Kerangal, managing director at IPD Southern Europe added: "We look forward to building on our existing long relationship and expanding our coverage of the fund manager's global real estate funds."