INREV and ANREV are pleased to announce the next phase of their co-operation to promote transparency in the Asian non-listed property funds industry. The co-operation will see ANREV endorse the INREV Guidelines in Asia as well as the sharing of expertise on research projects and data systems.
The INREV Guidelines provide fund managers and investors with an integrated set of principles guidelines and recommendations for governance and information provision for non-listed property funds. Under the co-operation, ANREV will promote adoption of the INREV Guidelines to its members.
"The INREV Guidelines offers us a ready-made and tested framework to support the rapid development of a common foundation for governance and transparency for non-listed property funds in the region," said Nick Loup, Chairman of ANREV and Chief Executive of Grosvenor Asia Pacific.
ANREV will support the adoption of the Guidelines through initiatives including member workshops and online tools such as the self-assessment tool for reporting best practice, as developed by INREV.
In addition, ANREV will develop an Asian vehicles database based on the same model and data system used by INREV in Europe. The INREV Vehicles Database has information on 476 funds with a gross asset value of 271 billion. The results of the database provide the basis for analysis on the size and composition of the market. It is also the foundation for all other INREV research projects.
INREV will also open up its program of research projects to ANREV to be replicated in Asia. The two organizations have already co-operated on two Investment Intentions Asia reports, which analyse expected trends in the Asian non-listed funds market for the next 12 months.
The Asian vehicles database and the results of the research projects will be made available to INREV's membership.
"We are pleased that the building blocks to INREV's success in Europe can now be implemented in Asia to the benefit of both memberships. As the non-listed property funds industry continues to become increasingly global, a common platform for guidelines and research in Europe and Asia will ensure a high level of consistency for investors and fund managers," said Johan van der Ende, Chairman of INREV and CIO of PGGM.
Loup added: "Given the expected growth of investor interest in this dynamic region over the next 10 years, it is a logical step for ANREV to strengthen its relationship with INREV. This will allow us to accelerate the best practice standards and improve transparency. INREV's achievements in Europe over the last seven years are impressive and set a high benchmark for us to pursue in Asia."
INREV is the European Association for Investors in Non-listed Real Estate Vehicles and ANREV, formerly AREA, is the Asian Association for Investors in Non-listed Real Estate Vehicles. Both associations share similar objectives to promote transparency and best practice standards with an agenda led by their investor members.