The European non-listed real estate industry has more than doubled over the past 20 years. Today, the asset class has grown to a net asset value of €217 billion (€288 billion gross asset value). In 2009, it stood at €89 billion and €154 billion, respectively.

Much has changed in two decades, with important shifts in transparency, governance, the breadth of product offerings and the use of leverage. INREV’s new research paper — Characteristics of Non-listed Real Estate in Investment Portfolio — captures this evolution, highlighting the compelling benefits of the asset class and the likely continuing robust demand from institutional investors.

Amongst the positive attributes of real estate is the opportunity it presents for diversification. Non-listed real estate offers an effective proxy for the direct market. It is also a helpful diversifier for institutional investment portfolios, displaying lower volatility than most asset classes with a solid