PFR work attracts attention at INREV 2014 conference

PFR delivered its quantitative analysis of the characteristics of European non-listed products in comparison to other asset classes and other European real estate products at the 2014 INREV conference in Berlin. Among five key conclusions, non-listed property funds were (despite a challenging period for returns) found to be superior to both direct property and REITs as a way for smaller investors to access the return and risk characteristics of the real estate asset class.

In a very lively question and answer session following the presentation, PFR chairman Andrew Baum expressed strong concerns about the effect on fund risk of performance fees and carried interest arrangements based on leveraged returns without any relative benchmark measure.

For further information about the research, please contact Jane Fear at Property Funds Research (