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Veteran real estate investor Iain Reid has become a significant shareholder in Indirex, the online global community for unlisted real estate funds.

Reid, who was CEO of Cornerstone Real Estate Advisers' European region until March 2012, will work closely with Indirex’s founder and CEO, Colin Barber, on expanding the business. He is set to become chairman of Indirex in due course.

Indirex is a knowledge manager for the private real estate funds market. It has two distinct roles, improving access to publicly available information as well as enabling the secure exchange of confidential information. These initiatives collectively support Indirex’s mission to add transparency and improve the investor appeal of the industry.

In the public arena, Indirex will be launching a new web service early next year, which will map available information on private real estate fund markets across the globe. In the private domain, Indirex is extending the use of its secure document and data exchanges. In early 2014, it will launch a service designed to help fund managers optimise the transmission of critical investment data to their investors and the third parties they work with.

Commenting on his investment in Indirex, Reid said: 'I became aware of Colin Barber’s initiative at Indirex when I was in my role at Cornerstone. I have known Colin for about 30 years and worked with him in various ways over that time. I believe he has a unique ability to straddle the worlds of technology and property and, thus, I was keen to get closer to what he was creating when I stepped down from my executive role last year.

'It became clear to me that Indirex was going to bring the property funds world into the new age in terms of its application of technology to the challenges managers and their investors face. The company will not just provide unique solutions to the challenges but will build increasing industry-wide effectiveness as the solutions become more widely used amongst the community.'

As part of its expansion strategy, Indirex has appointed Julian Self, former group operations & IT director at IPD, as innovation and technology director.