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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 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