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Welcome to our investors page.

Both our fund members and AREF itself have your, the end investor's, best interests at heart. We intend to build this page to become a one-stop-shop for professional investors on industry matters and I hope you find it both informative and educational. We would love to hear from you, particularly regarding what you would like to see on this page. Please email your ideas to

Deborah Lloyd, Chair of AREF

May Newsletter

Click here to view the May newsletter. 

31 May 2019

Sponsor for AREF Summer Drinks Reception 2019

We are delighted to announce that Kames Capital are the sole sponsor for the AREF Summer Drinks Reception. 

Click here for more information on the event. 

14 May 2019

April Newsletter

Click here to view the April newsletter. 

1 May 2019

New AREF Award 'Investor Award for Outstanding Achievement'

News for 2019, AREF is launching a new Award, open to all AREF Fund Members, to be judged by a select panel of investors from AREF's Investor Committee.

Members are invited to nominate their fund by stating, in no more than 500 words, how their funds excel and why it should be considered for this award. There are three areas to focus on for the award this year: Governance (candidates should consider more than the AREF Code of Practice); Environmental & Social Impact: and Investor Communication. Fund members can make their submission based on any one of these focus areas. 

Click here for full details. 

30 April 2019

New Venue & Date for the AREF Annual Dinner & Awards

We are delighted to announce that the AREF Annual Dinner  & Awards for 2019 will be on Tuesday 24th September at the beautiful Victorian Hall 8 Northumberland Avenue, WC2N 5BY

Click here for full details and to book a table. 

30 April 2019

Sponsorship Opportunities

If you are interested in sponsoring an AREF event we currently have an opening for the RAEF Annula Members Summer Drinks Reception. Click here for more information. 

24 April 2019

AREF 2019 Code of Practice and 2018 Self Certification Matrix

The 2019 AREF Code of Practice is now live, as is the 2018 Matrix showing member funds compliance against various aspects of the 2018 Code of Practice. 

Click here to veiw. 

24 April 2019

AREF seeks new Managing Director

Following the announcement Friday of John Cartwright's intention to stand down as CEO of AREF, the job specification for his replacement is now available on our website here

Interested parties should contact Deborah Lloyd, Chairman, Association of Real Estate Funds, Attaching their CV, Along with a cover letter at

16 April 2019

John Carwright stepping down as CEO of AREF

After ten years as Cheif Executive of the Association of Real Estate Funds (AREF), John Cartwright has announced his intention to step dowb from the role at the end of the year. 

Click here to read the full article.

12 April 2019

AREF response to DWP Illiquid Asset Consultation

Click here to view AREF's response to DWP's consultation on the Consideration of Illiquid Assets and the Development of Scale in occupational definaed Contribution Schemes. 

29 March 2019

March Newsletter

Click here to view the March newsletter.

01 April 2019

The Patient Capital initiative

An article in Investment week quotes John Cartwright, AREF CEO, calling on pension platforms to adapt systems to accomodate the Patient Capital policy shift. 

Click here to read full article. 

21 March 2019

Open-ended Real Estate Funds for the Retail Market

A position paper from the Association of Real Estate Funds. Click here to view. 

15 March 2019

UK Propety Fund Index results

MSCI has released the MSCI/AREF UK Quarterly Property Fund Index results for Q4 2018, click here to view.

12 March 2019

Non-resident Capital Gains Tax event

Following on from the successful AREF event last year, AREF are holding a training event to discuss the basics of the Non-resident Capital Gains Tax rules, the specifics for funds and what fund managers should be doing now. 

Click here for more information and to register to attend.

6 February 2019

AREF Strengthens strategic alliance with the Investment Association

AREF is strengthening its strategic alliance with the Investment Association (IA) by becoming a special member of the IA. AREF has had a close relationship with the IA for some years and this new partnership will deepen AREF’s policy and research support, media and communications capabilities.

In terms of your day-to-day interaction with AREF, it essentially remains business as usual. Going forwards however, by combining our resources and expertise, both associations benefit, which will see each organisation realise new opportunities for growth and enable us to expand our member services.
To read the press release please click here
05 March 2019

Response to FCA CP 18/40 and DP 18/10

Click  to view AREF's response to the FCA CP18/40 on Proposed amendment of COBS 21.3 permitted links rules, and DP18/10 Patient Capital and Authorised Funds.

28 February 2018

February Newsletter

Click here to view the AREF February newsletter

28 February 2019

Trends in Real Estate Fund Structures - Video

This event saw the launch of a detailed report on trends of real estate fund structures. For those who missed the event the video is now available here

The report is a members-only document but is available to non-members for a fee. Click here for more information.

21 February 2019

Chairman's Overview

Deborah Lloyd gives an overview of what members can expect in 2019. Click here to view.

20 February 2019

AREF Annual Dinner & Awards Announcement

The AREF Annual Dinner & awards 2019 will be held on Wednesday 18th September at The Dorchester Hotel. 

Booking details & the sponsorship package can be viewed here.

13 February 2019

Trends in Real estate Fund structures

AREF launched a detailed study of real estate fund structures in a report called 'Trends in Real Estate Fund Structures'.

Through numerous interviews with leading stakeholders in the industry, the report details all structures available and discusses the key issues and trends affecting them both now and the potential for the near future. 

The report is an AREF member-only document but is available to no-members for a fee. 

Click here to read the summary and veiw the report. 

08 February 2019

January Newsletter

Click here to view the AREF January newsletter.

31 January 2019

Response to FCA CP 18/27

AREF submitted a response to FCA CP 18/27 Consultation on illiquid assets and open-ended funds. Thank you to all members for your valuable contribution and to the AREF Retail Funds Committee for assisting in drafting the response.

Click here to view the response.

25 January 2019

AREF Investor Breakfast

Click here to view the event summary from the Investor Breakfast, run in association with Property Match and the Real Estate Investor's Forum on 24th January. 
Thank you to CBRE for hosting. 
25 January 2019

Heightened focus on governance in the year to come

Sound corporate governance has been one of the issues at the forefront of everyone’s mind for some time, fund managers and investors alike, with increased regulation around improving governance and transparency. 

Click here to read this article.

10 January 2019

Changes to the AREF Board

AREF are pleased to announce the appointment of two new Directors to the Board: Rebecca Middleton from DTZ Investors and Paolo Alonzi, from Aberdeen Standard Investments.

Click here for more information.

16 January 2019

FCA CP18/27: Consultation on illiquid assets and open-ended funds

Click here to view more about this consultation.

14 January 2018

AREF Launch new Training Series for Future Generation of Real Estate Funds 

We are delighted to announce the launch of a new 'back to basics' training series aimed at the Future Generation of Real Estate Funds. 

Click here for more information.

This event is proudly sponsored by Carey Olsen

11 January 2019

EU Commision's Report on the operation of AIFMD

The European Commission has published a report on the operation of AIFMD.  Click here to download the report.

January 2019

Guiding Principals for future EU-UK Relations: a real estate investment perspective

To ensure that the UK’s departure from the EU does not disrupt real estate investment in the UK and Europe, the Association of Real Estate Funds (AREF) and 15 other trade bodies have reiterated their call on the UK government to maintain market access and avoid additional barriers.

“Prolonged uncertainty and the potential for sudden changes because of Brexit is very disruptive to the Real Estate Funds Industry, which relies on long-term investment. AREF are committed to maintaining market access for our Members and Investors throughout negotiations and urge the UK/ EU Government to protect market integrity.” 
John Cartwright, CEO, Association of Real Estate Funds
Click here to read the full report. 
14 December 2018

AREF roundtable discussing FCA CP 18/27 Illiquid Assets & Open-ended Funds

Click here to view a summary and event materials from the AREF roundtable on Wednesday discussing FCA CP18/27 on Illiquid Assets & Open-ended Funds.
Click here to go to the Liquidity Management page. 
Thank you to Janus Henderson for hosting.
14 December 2018

Investor Breakfast Seminar

The Real Estate Investors’ Forum are hosting an Investor's Breakfast on Thursday 24th January in association with AREF and Property Match to discuss what 2019 could hold in store. 
This event is open to AREF Investors only. 
Please click here for more information and to register for this event.
17 December 2018

Open Ended Fund Pricing Project

Earlier this year 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 were released in July (read more here).

Following on from Phase 1, the project is now progressing to Phase 2 where we will be taking a closer look at topics such as governance around pricing mechanisms and also secondary markets and pricing.

AREF and INREV will be publishing regular updates on the projects to members over the first half of 2019.  

For further information, please email us:

5 December 2018

AREF November Newsletter

Read the full newsletter by clicking here.

30 November 2018

AREF/ IPD Index rebrand

MSCI are in the porcess 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 known 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 of 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 October Newsletter 2018

Read the full newsletter by clicking here

01 November 2018

AREF 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

AREF September Newsletter 2018

Read the full newsletter by clicking here.

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 and Awards Ceremony 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 Welcomes Canada Life, awarding it 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

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

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

24 July 2018

AREF's response to BEIS consultation on Limited Partnership Law

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

19 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 by clicking here.

29 June 2018

Great Brexpectations? Opportunities and 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 contacts at Investor Firms. 

05 June 2018

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

Click here to view full press release.

04 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.

29 May 2018

MSCI Consultation on EU Benchmark regulation regarding EU Real Estate Indexes

MSCI have released a consultation (Link) on EU Benchmark Regulation in relation to the MSCI Asset-based and Fund-based Real Estate Indexes. The deadline to respond to this consultation is 18 May. 

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

25 April 2018

Retail Property: Time to check out? 

Amid poor retail data, the rise and rise of internet shopping and recent high-profile retail 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.

This article was written specifically for the IFA investor channel and published by Adviser-hub, who have over 15,000 subscribers.
5 April 2018

AREF Code of Practice & Self Certification Matrix

One of our key aims is to ensure that fund members offer consistently high products and services to professional investors and advisers by adopting the highest possible standards of transparency and corporate governance.  The AREF Code, and the policing of it, is the critical element of that aim.  Click the link above to view our most recent version of the Code as well as the Self-Certification Matrix.

14 March 2018

Budget 2017 -  Capital Gains Tax for non-residents

AREF recently hosted two events on CGT to gather industry views for the response to the HMT/HMRC Consultation.  Click the link above to view further information.

19 February 2018

Survey of Financial Advisors - Quarterly report - November 2017

15 December 2017

Open Ended Fund Pricing Study

AREF partnered up with INREV, the European Association for Investors in Non-Listed Real Estate Vehicles, to initiate a focus group of real estate investment managers and advisors to fully discuss and analyse the issues involved. Click the link to read more about the project and view the consultation.

29 November 2017

A review of Real Estate fund behaviour following the EU referendum

This report, commissioned by AREF, from John Forbes Consulting assess the impact of the EU referendum result on the real estate market and evaluates whether any improvements could be made.  Click the link to read the report.

April 2017

For more information on our Investor Committee, please click here.

For all Professional Investor queries or questions for our Investor Committee, please email: