EUROPE - INREV, the European Association for Investors in Non-listed Real Estate Vehicles, has been forced to cancel its annual conference, which was scheduled to take place later this week.

A statement issued today by the industry body said the management board was "very sorry" to announce the conference due to take place on 22 and 23 April in Venice, Italy, has been cancelled.

Officials felt it was necessary to call off the event, however, because of ongoing travel pressures caused by the eruption of Eyjafjallajoekull volcano in Iceland and the subsequent shutdown of air traffic.

"The continuing travel chaos due to the volcanic ash cloud over Europe will result in another unpredictable week for international travel," said INREV in a statement. "We have heard from many of you that you are already stranded, or have struggled home over the last few days, due to last week's travel problems.

"We regret having to make this decision but feel it is the responsible response to this unpredictable and ongoing natural disaster," continued INREV.

There are of course cost implications to everyone involved when canceling such a huge event at the last minute, so the assocation is now reviewing the situation and will issue a cancellation policy by close of business tomorrow (19 April) once agreed by INREV's management board.