The European Association for Investors in Non-listed Real Estate Vehicles (Inrev) has announced a major shake-up of its structure. The changes include introducing a leaner management structure, extending voting rights for members and a potential expansion of its activities. Measures for the new initiatives were approved at Inrev's annual general meeting held during the MIPIM real estate fair in Cannes.
The European Association for Investors in Non-listed Real Estate Vehicles (Inrev) has announced a major shake-up of its structure. The changes include introducing a leaner management structure, extending voting rights for members and a potential expansion of its activities. Measures for the new initiatives were approved at Inrev's annual general meeting held during the MIPIM real estate fair in Cannes.
A single management board will replace the previous two-tier board structure. An increase in permanent staff has allowed a reduction of board members from 23 to 11. In addition, full membership voting rights will be extended to service providers such as accountants, lawyers, tax advisors and investment consultants. Investor members on the management board will continue to have a permanent voting majority.
Another change is the extension of Inrev's remit to potentially include non-listed real estate funds investing outside of Europe. This move was prompted by membership interest in reviewing existing funds in given non-European markets. As a result, the management board has decided to explore the Asian non-listed real estate funds market.
Industry guidelines created in 2007 will be implemented this year, with membership particularly interested in knowing which funds adhere to the guidelines.
