Investors and non-listed real estate funds have incorporated a new association. The European Association of Investors in Non-listed Real Estate Vehicles, in short INREV, aims to create a forum for institutional investors which invest in non-listed real estate funds.
Main objectives of the Association are to increase transparancy and accessibility of non-listed real estate funds, to enhance professionalism and proper management, and to share and spread relevant information.
The new association is an initiative by investors. The Board will mainly consist of investors. Michiel Olland (ABP) will become the AssociationÂ's first Chairman. The Association will be launched on or around April 2003 and will have its seat in the Netherlands.
The structure of the Association will be identical to the European Public Real Estate Association (EPRA). Close cooperation with EPRA is envisaged. Presently both associations share the same office.
One of the initiators is Willem de Geus, director private capital market real estate with Morgan Stanley. A few years back De Geus was also at the crib of EPRA and recently felt that an identical organization for non-listed funds was necessary. Â'So little is known about non-listed funds. Investors know a few and wonder which are the other one hundred funds. Also there is an ever increasing demand to assess the performance of these funds. It is the intention of INREV, just like EPRA, to publish an index.Â'