INREV, as an independent pan-European body, today announced its official launch. Created in response to investor demand, its main purpose is to establish a platform for the sharing and dissemination of knowledge on the market for non-listed real estate vehicles.
The membership of INREV is open to all institutional investors, fund managers, investment bankers, academic and research institutions, lawyers and other real estate advisors. To date INREV has received commitments from over 50 of the leading European real estate institutions.
The strategy of the Association is developed by the Executive Board (consisting of 13 members) as well as the Management Board. The Chairman of the Executive Board is Michiel Olland, Executive Vice President European and Asian Real Estate at ABP Investments, while the Vice Chairman is Dr. Knut Riesmeier Chief Executive Officer at MEAG Real Estate Management GmbH. Furthermore Pieter Hendrikse of ING Real Estate is functioning as INREVÃ¢â¬â¢s secretary and Jan Willem de Geus of Morgan Stanley fulfils the position of Treasurer.
Ã¢â¬ÅNon-listed European real estate vehicles have grown dramatically over the last decade. Especially German and Dutch institutional investors have increased their exposure to non-listed real estate over the last few years; the estimated value of the market capitalisation is 250 billion Euros.Ã¢â¬Â Said Chairman Michiel Olland. Ã¢â¬ÅHowever, market data, standards of best practice and transparency, remain relatively immature. It is of the utmost interest to institutional investors to address these issues by providing greater levels of liquidity as well as promoting greater transparency, accessibility, professionalism and standards of best practice among the
boards of real estate funds,Ã¢â¬Â added Vice Chairman Dr. Knut Riesmeier.
The members currently supporting the development of INREV are convinced this initiative will help spur further professional standards of development of the private fund business in Europe. INREV believes it is essential that the Association remains focussed on institutional investors and that these institutions control the decision making of INREV.
INREV has created eight Working Committees that are co-chaired by members and meet throughout the year in order to address various topics of interest. The Working Committees include:
* Committee for the Non-listed Real Estate Vehicle Database
* Committee for Benchmarking and Performance Measurement
* Committee for Standards of Reporting
* Committee for Corporate Governance
* Secondary market / Liquidity Committee
* Research Committee
* Committee for Taxes and Investment in Real Estate Vehicles
* Network and Events Committee
INREV understands that the establishment of a comprehensive database of non-listed, or private, European real estate vehicles to increase transparency and accessibility is crucial to its success and is therefore working with Oxford Property Consultants (Ã¢â¬ËOPCÃ¢â¬â¢), a leading real estate
investment consultancy, to achieve this aim. The INREV/OPC database will cover non-listed pan-European and global vehicles, as well as domestic European markets and spans institutional markets.