GLOBAL - The European Association for Investors in Non-listed Real Estate Vehicles (INREV) has ended its agreement with the Investment Property Databank (IPD) to provide data and a fund index service.
The move follows a decision by INREV to bolster its research team, to give it more scope to independently collect and analyse data on the non-listed property funds market, said Andrea Carpenter, acting chief executive officer for INREV.
"INREV made the decision to bring its INREV Vehicles Database and INREV Index in-house as it now has the resources and expertise to manage the service on behalf of its members," she said.
The firm appointed Carpenter as director of research and market information in 2007 and appointed Shetal Patel and Dasha Kruchkoff as research managers at the end of last year.
IPD had been putting together the INREV fund database indices and the INREV indices since 2004, which were made up of European benchmarks measuring the aggregate performance of property investment funds across Europe.
INREV is now launching an online data management system which will allow fund managers to directly submit their data to the INREV Vehicles Database via the company's website.
"The methodology has changed to better reflect the fund's annual performance by collecting information on capital calls and distributions on a day-dated basis," said Carpenter.
INREV has already started sourcing data for the INREV Index 2008, which will launch at the company's annual conference in Athens in April.
INREV will also launch the INREV Opportunity Funds Consultation Index, which will be calculated using an internal rate of return (IRR) method to better reflect the investment strategies of higher risk/return funds.
IPD, meanwhile, plans to expand its Pooled Property Fund suite during 2009 and develop its Pooled Property Fund Indices (PPPI) for national and cross-border markets.
The PPPI, which are based on net asset value (NAV) performance, are already available for the UK, German and Italian markets and IPD plans this year to launch PPPI in more individual countries across European, pan-European and Australian markets.
In a statement released to clients, IPD said: "From beginning of 2009 onwards, both IPD and INREV started to maintain separate property fund databases and index publications, each of which will reflect their own changing client / member interests. The European property investment market will benefit from two parallel approaches to measuring the performance of the unlisted sector."
INREV currently has over 320 members with approximately €140bn of real estate assets under management.
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