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AREF/ IPD Index rebrand

MSCI are in the process of standardising the naming of all their global indices with effect from 8th December. 

The AREF/ IPD UK Quarterly Property Fund Index will now be know as the MSCI/ AREF UK Quarterly Property Fund Index. 

Other than the name the index will remain the same. 

14 November 2018

AREF Welcomes the Release of the Technical Note on Capital Gains Tax

"AREF welcomes the release today of the Technical Note, and associated clauses within the Finance Bill, to incorporate the special regime for collective investment vehicles investing in UK property within the wider non-resident capital gains tax rules. These measures should ensure that the tax will be appropriately targeted and should not result in CGT being imposed at multiple levels within investment structures or indirectly imposed on exempt investors such as UK pension schemes, if they invest through collective investment vehicles. The rules take into account a wide range of investment vehicles which are used for investing in UK property. While there remain some practical issues still to be resolved, in particular the reporting and optional withholding regimes which are to be implemented later in regulations, the AREF Tax Committee, which represented members through HMRC technical working groups, thanks the HMRC Policy team for listening to the industry’s concerns and for implementing, based on extensive, open and collaborative dialogue, a practical solution to the issues raised."

Quote from Christopher Austin, Chair of the AREF Tax Committee.

For more information on the Tax Committee including current projects please click here

07 November 2018

AREF Newsletter - October 2018

Click here to download.

01 November 2018

FutureGen Network Event - Retail: Dead or Alive

Did you miss the event?  No problem - click here to view the Event Summary, Watch the Full Video and view the slides.

30 October 2018

F-O-R-T Series - Event 1: Capital Gains Tax

This will be the first in a new and ongoing series of events called FORT, based on topical issues around Funds, Operations, Regulation and Tax.
Tax experts, Matthew Roach of KPMG and Nick Burt of CMS CMNO will be joined by James Konya, Senior Policy Specialist at HMRC and key liason for the AREF Tax Committee,  will take us through the new legislation on CGT to be released soon.    
Click here for more information and to register your place.
2 November 2018

Deadline for Self-Certification

We would like to remind full AREF Members that they are expected to submit a self-certification form and template by December 31st to confirm compliance with the code of Practice for 2018. 

The documents for completion can be found on AREF website here and should be sent to

Once completed you will recieve the AREF Quality Mark for 2018. 

30 October 2018

AREF Newsletter - September 2018

Click here to download.
31 September 2018

AREF recognises key achievements within property fund industry at 2018 Annual Awards

The Association of Real Estate Funds (AREF) has recognised the leading long-term performers and notable contributors to the association, at its Annual Awards Dinner, held on Wednesday 26th September. 
Click here to read the full press release. 
27 September 2018

AREF Award Winners 2018

  • Performance 5 Year Risk Adjusted - Absolute Returns LPI (Limited Price Inflation) Income Property Fund 
  • Performance 5 Year Risk Adjusted - Relative Returns Industrial Property Investment Fund 

Outstanding Individual Contribution This year AREF broke with tradition and presented 2 awards to members who deserve recognition for their work supporting AREF: 

  • Will Chetwood, Aviva Investors - For chairing the Tax Committee for 8 years and his continued support on Management Committee. 
  • Melville Rodrigues, Partner at Charles Russell Speechlys – For his help on the MIFID II and AIFMD Survey and his continued help on the Public Affairs Committee.


  • Affiliate of the Year Browne Jacobson – For being the first legal firm to carry out the self certification audit checks for AREF, on a  pro-bono basis, last year. 

For more information on the AREF Awards including winners from previous years please click here

27 September 2018

AREF Annual Dinner & Awards 2018

This month was the AREF Annual Dinner & Awards Ceremony, held at The Dorchester on Park Lane for the the seventh year running.   
The event began with a champagne reception for over 460 members and their guests, followed by dinner in The Ballroom. AREF Chairman, Deborah Lloyd gave a speech and presented five AREF Awards to winners. After the main course, Comedian and Ventriliquist, Nina Conti, provided entertainment for the guests. Guests were given the opportunity to network with other guests, peers and colleagues again after the dinner. 
Photos from the event can be viewed by clicking here
27 September 2018

FCA Consultation on Illiquid Assets and Open-Ended Funds

The FCA is consulting on proposals to reduce the potential for harm to retail investors in funds that hold illiquid assets, particularly under stressed market conditions, and help address financial stability concerns. 

AREF will be preparing a response to the consultation due on 25 January 2019 and will engage further with members during the process. 

For more information on this please click here.  

8 September 2018

AREF responds to BEIS consultation on Registration of Overseas Entities Bill

Click here to view AREF response.

17 September 2018

AREF Welcomes Canada Life, awarding fund the 2018 Quality Mark

The Association of Real Estate Funds (AREF) has today announced another leading real estate fund business, Canada Life, has joined as a member. The addition of Canada Life’s UK Property Authorised Contractual Scheme takes the number of member funds to 65, representing over £72bn in AUM, the vast bulk of the accessible real estate collective investment market in the UK.

Click here to read the full press release.

17 September 2018

AREF August Newsletter 2018

Read the full newsletter by clicking here.

04 September 2018

Scottish Land and Building Transaction Tax Consultation

On Thursday 2nd August the AREF Tax Committee submitted a response to the Scottish Land and Building Transaction Tax consultation from Scottish Parliament,

The response is aimed at flagging key points particularly around the need to ensure consistency of treatment across the UK. As the response needs to be submitted online (not by way of a letter), it has been deliberately formatted to including the key messages in response to few questions instead of answering every single question. 
For more information on our Tax Committee, click here.  
4 September 2018

Congratulations to the first funds awarded the 2018 AREF Quality Mark

Well done to the Schroder UK Real Estate Fund, the West End of London Property Unit Trust and the M&G Property Portfolio for obtaining the 2018 AREF Quality Mark, after confirming compliance with the AREF Code of Practice for this year.

A reminder to all our members that the Self Certification Forms and Templates are due in by 31 December 2018 (details can be found here:

If you have any questions relating to the Code of Practice, please email:

22 August 2018

Capital Gains Tax update

For the latest news on AREF's work on CGT please click here

AREF are planning to hold a member event on this topic in October/November 2018, kindly hosted by Link Asset Services. An invite and registration for this event will be sent out in September.

10 August 2018

AREF July Newsletter 2018

Read the full newsletter by clicking here

31 July 2018

Institutional Investor Cost Disclosure

The Instituional Cost Disclosure Working Group (IDWG) was formed to gain agreement on templates for cost and fee disclosure by asset managers to institutionalinvestors including one dedicated to physical assets.

The group published a summary of its recommendations in July 2018. Click here to view the IDWG webpage, including the recommendations. The use of the templates is expected to be voluntary, though encouraged. 

24 July 2018

AREF response to BEIS consultation on Limited Partnership Reform

AREF submitted its response to this consultation on Friday 20th July. 

For a link to the consultation click here.

For a link to AREF's response click here.

To read more about this and other initiatives the Public Affairs Committe are working on click here.

20 July 2018

Chairman's Overview

Please click here to view the Chairman's Overview.


Open End Fund Pricing Project

In 2018 AREF partnered with INREV to initiate a focus group of real estate investment managers and their advisors to fully discuss and analyse the issues involved around the best method for pricing open-ended real estate funds. 

The Study was offered as a consultation paper and the Phase 1 results have just been released:

Read more about the full project here.

18 July 2018

Capital Gains Tax legislation released

The draft legislation (excluding funds) and the proposed treatment of funds were published on Friday 6th July 2018. For more information and links to the legislation please click here.

13 July 2018

AREF June Newsletter 2018

Read the full newsletter clicking here.

29 June 2018

Great Brexpectations - Opportunities & threats for real estate Funds, a Paper commissioned by AREF

With Brexit just months away, we still have no certainty on what this means for the investment fund industry. At the Association of Real Estate Funds we asked a selected group of experienced individuals , all grappling with different Brexit issues, for their views on the implications, opportunities and threats.

22 June 2018

AREF Inaugral FutureGen Drinks Event - 11th July

For more information on the AREF FutureGen event see the events page of the AREF website here.

This event is open to FutureGen staff at all AREF Member and Investor firms. 

05 June 2018

AREF promotes transparency & corporate governance with launch of Quality Mark. 

Click here to view the full press release.

04 June 2018

AREF May Newsletter 2018

Read the full newsletter by clicking here.

01 June 2018

Tax: UK pension Funds digest implications of proposed tax change

Deborah Lloyd, Chair of AREF and Cathryn Vanderspar, Eversheds Sutherland explore what the UK’s capital gains tax proposals could mean for pension funds, and how AREF is responding.

Click here to read the full article.

29th May 2018

LGPS Pooling (joint AREF/IPF Event) - Post-event Summary

Following the success of the two LGPS events in 2017, the IPF and AREF ran a further update seminar that considers the implications for property of the government’s requirements for the existing 89 Local Government Pension Scheme (LGPS) in England and Wales to ‘pool’ their investments.

Click here to read the Post-event Summary

11 May 2018

MSCI consultation on EU Benchmark Regulation regarding EU Real Estate Indexes

To view the summary of the roundtable AREF held on 3 May please click here.

MSCI released a consultation (click here for link) on EU Benchmark Regulation in relation to the MSCI Asset-based and Fund-based Real Estate Indexes.

3 May 2018

Brexit - are you prepared? Post-event Summary

With less than a year before the UK leaves the EU, this event focused on the current and future impact of Brexit on the real estate fund industry.  We had the chief economist of Toscafund Asset Management, Savvas Savouri; Lord Oakeshott, co-founder and chairman of OLIM Property; Victoria Brown, head of regional management EMEA at Aberdeen Standard; Alex Bignell, head of UK at CBRE Global Investors.

Click here to read the Post-event Summary

3 May 2018

Retail Property: time to check out?

Amid poor retail data, the rise and rise of internet shopping and recent high-profile failures, John Cartwright, CEO of the Association of Real Estate Funds (AREF) asked three prominent members of AREF to give their views on this troubled sector.

Click here to view this article, which was written specifically for the IFA investor channel and published by Advisor-hub, who have over 15,000 subscribers

5 April 2018

AREF March 2018 Newsletter

Read the full newsletter by clicking here.

29th March 2018

Disruptors in the Industry Event, 06/03/18 - Video

The property sector is evolving with the emergence of disruptors such as ‘proptech’ changing the way we do business. AREF’s latest event brought together three leading innovators discussing how they are disrupting the industry.

View the short clip here

FULL event video can be viewed here (Members and Investors only).

(The slides from the event can be found here).

KPMG survey on AIFMD

KPMG have produced an online survey to gauge the views of all stakeholders impacted by AIFMD. We would strongly encourage members to complete the survey as the more responses KPMG receive on any particular issue, the stronger the case would be for changes to take place. 

Earlier this month, AREF held a Roundtable event to hear our members thoughts on the Directive. With the help of the Public Affairs Committee AREF have formulated a draft response on the areas of AIFMD which are of concern to members.

To view further information, including the AREF response to this survey please click here. 

Please feel free to use AREF’s proposed response as a basis for your own response.

21 March 2018

AREF February 2018 Newsletter

Read the full newsletter by clicking here.

1 March 2018

AREF Response to HMRC/HMT Capital Gains Tax consultation

To view the AREF response please click here (this is available to members only).

To read more about the Captial Gains Tax changes click here.

19 February 2018

Chairman's Overview

Read the full Chairman's Overview here.

13 February 2018

AREF January 2018 Newsletter

Read the full newsletter by click here.

1 February 2018

Capital Gains Tax Consultation

AREF recently hosted two events on CGT to gather industry views for the response to the HMT/HMRC Consultation. 

A summary of the event can be viewed here.

Please send any feedback to

30 January 2018

Survey regarding HMT/HMRC consultation on Taxing Gains made by non-residents on UK immovable property

As you will be aware the HMT/HMRC published a 12 week consultation “Taxing gains made by non-residents on UK immovable property” on 22 November. They are proposing some potentially major changes that could have a significant impact on property funds and their investors. 
To assist AREF in preparing its response to this consultation we are asking our members to answer a short survey by Thursday 25 January. 
18 January 2018

MiFID II and Non UCITS Retail Schemes

The Regulation Committee are considering the effect of MiFID II on AREF members. One of the areas that is particularly relevant to AREF member funds that are Non UCITS Retail Schemes (NURS) is whether such funds should be regarded as “complex” or “non-complex”. - for more information click here.

19 December 2017

Survey of Financial Advisors Quarterly Report

Highlights from the latest survey of Finacial Advisers are as follows: 

  • The proportion of advisers expecting positive returns over 1 and 3 years has increased again. 
  • 29% of advisers are expecting double-digit average returns per annum over five years from their property investments
  • The average per annum return expectation over 3 to 5 years is 6% and 9% respectively

For more information visit the survey page of the website here.

15 December 2017

AREF December Newsletter

Read the full newletter by clicking here

15 December 2017

Capital Gains Tax for non-residents

Many of you will be aware that in the budget on 22 November 2017 the Chancellor announced changes to the taxation of capital gains on real estate disposals by non-residents. These changes are likely to impact many real estate funds. 

For more information go to the 'CGT Changes' page here

AREF are hosting a roundtable in January to discuss these changes, you can find more information on the events page here

7 December 2017

AREF November Newsletter

Read the full newlestter by clicking here.

1 December 2017

Open End Fund Pricing Study

The Open End Fund Pricing Study is a consultation paper and the initial output from a focus group jointly commissioned by the Association of Real Estate Funds (AREF) and InRev, the European Association for Investors in Non-Listed Real Estate Vehicles

Click here to read more about the project

Click here to download the consultation

29 November 2017

AREF 2018 Events - Save the Date

AREF Summer Drinks - Thursday 14 June

AREF Annual Dinner - Thursday 20 September 

Global Real Estate Funds Review H1 2017

Click here to view the publication.

13 November 2017

New Committee Member 

Belinda Souter, CBRE Global Investors, has joined the Public Affairs Committee. 
Click here for further information on our Public Affairs Committee.

2 November 2017

Welcome New Members

Vengrove Ltd join as an Associate member and Cushman & Wakefield join as an Affiliate member.

1 November 2017

AREF Newsletter

Read the full newsletter by clicking here.

31 October 2017

Committee Vacancy

The Investor Committee is seeking new members. We are keen to engage representatives of end investors, particularly those with a pan-European or global brief, and also representatives from the Financial Advisor/Wealth Manager community.  Click here for future information on the committee.  Please email if you are interested.

30 October 2017

AREF Code of Practice - Self-Certification Process

We would like to remind full AREF members that they are expected to submit a self-certification form and template by the end of the year to confirm compliance with the Code of Practice for 2017. These can be found by clicking here and should be sent to Please note that a template must be completed this year.

23 October 2017

AREF Event 'Outlook for the Global Real Estate Market'

Click here to read the Event Summary and view the slides.

19 October 2017

MSCI release the Q3 2017 results of the AREF/IPD UK Quarterly Property Fund Index

Click here to view.

18 October 2017

MSCI release the Q2 2017 Property Fund Vision Handbook 

Click here to view.

13 October 2017

AREF launches new FutureGen Sub-Committee

Click here to read more.

4 October 2017

Joint AREF/IPF Event 'Real Assets - One Step Beyond'

Click here to read the Event Summary and view the slides.

3 October 2017

AREF Team News

Ed Protheroe joins the AREF team as Strategy Consultant - Ed will be working with our current team, in external communications and through direct engagement with current and prospective members and will be seeking ways to enhance the value proposition of the Association, making the value-add of AREF more demonstrable and broadening its appeal.

3 October 2017

Survey of Financial Advisors Quarterly Report

Click here to view the full survey.

30 September 2017

AREF Annual Dinner & Awards

Click here to see who won in 2017 and view photos from the evening.

27 September 2017

AREF Event

'Driving Factors and the future of Real Estate Fund Structures' in Jersey - click here to view the event slides.

20 September 2017

End of Fund Life Project

In the past few years, a growing number of funds have reached the end of their life and the process to liquidate, restructure or extend has been undertaken.  The success of this procedure appears to have been somewhat mixed leaving some investors and fund managers, no doubt, frustrated and disappointed.  This led to INREV, AREF and IPF setting up the End of Fund Life Project.

Read more about the Project and download the report here.

September 2016