The INREV Management Fees and Terms Study explores the fee and cost structures for European non-listed real estate vehicles. With a primary focus on total global expense ratios (TGERs) and real estate expense ratios (REERs), the study increases transparency and helps to understand the fee and cost structure within the industry. This year’s study includes 83 vehicles that collectively represent a total net asset value (NAV) of €115.0 billion and gross asset value (GAV) of €153.5 billion as of the end of 2022.

Non-listed real estate funds in Europe recorded an average equally weighted total global expense ratio (TGER) of 1.01 percent based on GAV, as reported for 2022. When accounting for vehicles’ size, the value-weighted average TGER was 0.75 percent. This indicates that larger vehicles have lower TGERs. The largest component of the TGER in 2022 was management fees (0.59 percent), followed by vehicle costs (0.32 percent) and performance fees (0.10 percent). Although t