Inrev launches data delivery white paper

Inrev, the European association for investors in non-listed real estate vehicles, has published a white paper on the Standard Data Delivery Sheet (SDDS) an initiative to improve the efficiency and transparency of information flow between investors and fund managers.

The white paper is the result of an Inrev working group and is aimed at making information exchange more uniform. The publication marks the beginning of a three-month consultation phase, during which Inrev is seeking feedback from its members to further refine the existing proposed SDDS.

'Within APG, we see this as a major step forward as an industry wide initiative,' said Roland Mangelmans, senior portfolio manager at APG.

The SDDS has been developed to provide the industry with a standard tool for the collection and sharing of key fund-level data that is required by all
investors and can be largely applied to all funds regardless of size, type, geography or sector. It is based on a similar idea originally developed for
internal use by Dutch pension fund service provider, PGGM.

'I think the data sheet will be positively received by the industry, because once it’s incorporated into IT platforms it will save time and effort -
especially for fund managers,' added Mangelmans.

The SDDS aims to reduce the level of bespoke reporting on specific funds that is often requested of fund managers by investors. However, it has not
been designed to replace existing quarterly reporting, Inrev said.

The working group has developed the current version of the SDDS on the back of input from a broad range of members, including a substantial
number of interviews with investors of different sizes and varying levels of capital commitment to non-listed real estate vehicles. In its latest form, the
proposed SDDS already incorporates around 80% of the questions investors regularly need fund managers to answer about the funds in which they are
invested.

During the consultation period, INREV will gather broader industry input, through a series of roundtable meetings in May and June. The outcome of these discussions, plus other written feedback, will shape the final version of the SDDS that is scheduled for launch this autumn.

'This is the first time the industry has attempted to draw together a standard for this type of fund reporting that is cohesive and consistent. With it we have a great opportunity to significantly change things for the better for the whole non-listed sector,' noted Lonneke Löwik, director professional standards, Inrev.