Management fee levels for non-listed property funds have not risen significantly over the past five years despite a tighter market, according to a new research report from INREV. The study looked at 160 non-listed European property funds with gross asset value of EUR 82.2 bn.
Management fee levels for non-listed property funds have not risen significantly over the past five years despite a tighter market, according to a new research report from INREV. The study looked at 160 non-listed European property funds with gross asset value of EUR 82.2 bn.
The survey found that management fees dropped from 0.65% of gross asset value in 1999 to 0.46% between 2000 and 2002. Fees have since increased to 1999 levels, the survey showed.
The study also showed that management fees are generally lower for funds investing in one geographical market than for those investing in several countries.
Of the single-country funds analysed, those investing in the UK and Dutch markets reported lower management fees than funds investing in other countries. However, the researchers point out, there are significant variations in fee levels among single-country funds.
