Library

The liquidity self tutorial provides an overview of the liquidity and secondary market trading aspects of the INREV Guidelines 2014.

It examines the different aspects of the liquidity guidelines as well as the objectives and the adoption framework.

Jef Holland presents the INREV NAV module of the INREV Guidelines, including background information, adjustments, computation, disclosure requirements and Q&A.

John Ravoisin presents the valuation module of the INREV Guidelines, including guidance on the independence, qualification of the extranl valuer, valuation fees, the valuation process, external and internal valuations.

INREV actively engages our Young Professional members with dedicated events, foundational training courses and a variety of communication tools. We encourage our Young Professional members to get involved in our organisation, and hope you will join us at an event or join the conversation online.

Michael Hornsby presents the reporting module of the INREV Guidelines.

This module includes background on the reporting guidelines, a description of whom the reporting guidelines apply to, describes what is included in the reporting guidelines, and explains where to find more info.

After 18 months of consultation, including input and feedback from over 300 industry participants, the revised INREV Guidelines are online and ready for implementation.

The Debt and Derivatives Disclosure Notes include examples of tables that can be used to present information on financing and hedging arrangements to investors. Large parts of the information to be disclosed covers existing fund GAAP requirements, but there may be other items required. The Notes suggest to disclose the information both in the year end accounts and in quarterly management information for investors.

The topics covered by the Notes are:

Loans and borrowings

• Analysis by category (debt from credit institutes, shareholder loans etc.)
• Analysis of maturity for each loan
• Analysis of interest and fair value for each loan
• Overview of quantitative covenants applicable for loans and borrowings

Foreign Currency

• Analysis of foreign currency exposure

Derivative financial instruments

• Analysis of derivative financial instruments   Interest rate sensitivity analysis
• Analysis of foreign exchange derivative financial instruments
• Foreign exchange sensitivity analysis

The full document can be downloaded in a Word and Excel format.

Example from INREV Guidelines.

EMIR, the European Market Infrastructure Regulation, will subject many derivatives, including ordinary interest rate and currency swaps typically used by non-listed real estate fund managers, to significant new requirements.

These requirements include clearing through a central counterparty, posting of cash collateral, and reporting and disclosure obligations.

This webinar, led by Jeff Rupp, Director of Public Affairs, brings some clarity and guidance on the impact of EMIR on these new requirements and covers the following topics:

• Overview of EMIR
• Scope of applicability
• Clearing, collateral, reporting and disclosure requirements
• Strategic considerations

The INREV Public Affairs Committee's response to the consultation to encourage informed consideration of non-listed property funds as a long-term investment.This report explores the impact of regulatory change on long-term investing strategies and on the real economy.

Long-term investment enhances the productive capacity of the economy and often has wider public benefits, since it generates greater returns for society as a whole by supporting essential services and improving living standards. Public debate is currently focused on how to encourage long-term investment in Europe.