Introducing The Charter: Replacing AREF's Code of Practice

Today we are delighted to introduce AREF’s Charter, which replaces our previous Code of Practice. 

The Charter has been updated, simplified and streamlined to ensure it remains relevant and effective.  The Code has long been recognised as the gold standard in corporate governance for unlisted UK property funds and the Charter reinforces our commitment to best investment practices, transparency, and accountability.

By aligning with the Charter, AREF fund members demonstrate their dedication to upholding the highest governance standards. The Charter provides a clear framework to support excellence across all aspects of fund management for unlisted UK property funds, ensuring a robust, sustainable, and investor-focused approach.

Key Highlights of the Charter:

- A simplified self-certification process to ease compliance.

- 10 Guiding Principles covering transparency, integrity, sustainability, and regulatory compliance.

- The AREF Quality Mark, providing investors with confidence in fund governance.

- A Charter Compliance Register, showcasing members who meet the highest standards.

Annual Code Compliance: Self-Certification Process

One of the most significant changes is the new annual self-certification process. Fund members will now only need to log-in, tick a single box to confirm their compliance, and submit. This streamlined process is designed to save time and reduce complexity, while still maintaining the high standards we are known for.

Funds that complete this process will receive the 2025 AREF Quality Mark, which demonstrates their commitment to good governance and transparency.

A separate communication to all Self-Certification contacts at each fund member will be sent later today regarding the self-certification process.

Funds who have completed the process

As part of our commitment to promoting best practice and transparency, AREF publishes the Charter Compliance Register showing which members have signed up to the Charter and received the Quality Mark for the year. You can view the Charter Compliance Reigster by clicking here.

Access the Charter

You can view and download the full 2025 Charter and associated guidance materials via our website here or by clicking the button below:

Guidance

With the introduction of our streamlined Charter, we are committed to offering an expanded suite of guidance documents to support both the Charter itself and our members. The Corporate Governance Committee is currently working to refresh our guidance materials, to be unveiled throughout the year.

We do already have a range of guidance already available to AREF members. From best practice recommendations to invaluable resources, our guidance hub offers lots of insights and support – explore it here.

Investors & Governance Expectations

Investors increasingly prioritise governance, and the Charter ensures they can identify funds that meet best practice standards. The AREF Quality Mark serves as a clear indicator of adherence to these principles.

If investors believe a fund is not complying with the Charter’s principles and are unable to resolve concerns directly with the manager, they may contact us by emailing [email protected]. AREF takes such concerns seriously and is committed to addressing them in a transparent and robust manner.

Enquiries

If you have any questions or need assistance, please contact us at [email protected].