SINGAPORE (EDGEPROP) - Three regional real estate industry associations have signed a global alliance memorandum of understanding (MOU). The global, non-exclusive alliance brings together three major groupings in the Asia Pacific, Europe, and the US.
The signatories are the Asian Association for Investors in Non-Listed Real Estate Vehicles (ANREV), the European Association for Investors in Non-Listed Real Estate Vehicles (INREV), and the National Council of Real Estate Investment Fiduciaries (NCREIF).
In a joint press release, the partners say the MOU will advance the global agenda of transparency, accessibility and professionalism, and increase harmonisation across the non-listed real estate industry.
The partners will continue to work with other regional and national real estate organisations where there is alignment on furthering global harmonisation.
The three members say they plan to develop new projects that will benefit end-investors in the non-listed real estate industry. They add that the MOU marks a step forward in the development of globally consistent market practices, building on previous joint initiatives.
The partners have already collaborated in a number of projects, including market indices, research projects, and industry standards. The latest is the Global Internal Rate of Return (IRR) Index, which was published on April 29. Other projects such as the annual Fund Manager Survey will continue, as well as global standards initiatives including the Global NAV and Total Global Expense Ratio.
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