The number of non-listed real funds covered by Inrev's vehicles database hit 484 in the first quarter of 2008, up from 476 in the final quarter of 2007, with 11 new vehicles coming to the market over this period, according to the industry association's latest quarterly research report.

The number of non-listed real funds covered by Inrev's vehicles database hit 484 in the first quarter of 2008, up from 476 in the final quarter of 2007, with 11 new vehicles coming to the market over this period, according to the industry association's latest quarterly research report.

Inrev, the European association for investors in non-listed real estate vehicles, said that the gross asset value (GAV) of the INREV funds in its database had declined, however, to EUR 297.6bn in the first quarter from EUR 317.2bn in the previous three months. The decline was due largely to the withdrawal of contributed data from some large German open-ended retail funds.

In total, Inrev said that 42 new funds were added to its vehicles database and 36 were dropped, mainly due to fund terminations and improvements to the database following changes in the inclusion requirements.

Inrev's database analysis showed the most significant change in the first quarter occurred within funds with core and value added investment styles. Within core funds, 17 vehicles representing a GAV of EUR 4.7bn were added while 25 funds with combined GAV of EUR 31.3bn were removed. Within the value added fund style, 22 vehicles representing EUR 5.4bn in GAV were added while seven funds with GAV of EUR 2.89bn were removed.