AREF uses cookies to improve its website.

In order to improve our services, we use cookies to track your browser details. Which in turn aids usability. By continuing to browse our site you are agreeing to the terms and conditions of our cookie policy. Learn more.

Code of Practice

AREF has a unique Code of Practice, widely recognised as the gold standard in corporate governance.  With investors in real estate funds increasingly looking at governance, as well as environmental and social issues, membership of AREF and hence commiting to the Code of Practice, allows funds to display our Quality Mark.  This makes it easier for investors and their advisers to discern which funds have and which have not made this commitment.

Click the relevant links below to view the Code and Self-Certification Matrix:

2019 Code of Practice

2018 Code of Practice & Self-Certification Matrix

2017 Code of Practice & Self-Certification Matrix

2016 Code of Practice & Self-Certification Matrix

2015 Code of Practice & Self-Certification Matrix


The AREF Quality Mark

In June 2018 AREF launched a Quality Mark to highlight those member property funds which are achieving a high standard of transparency and corporate governance, through adherence to our Code of Practice. The Code outlines a framework for good corporate governance within real estate funds, as well as aiming to promote consistency and comparability between funds.  

The Quality Mark indicates those funds which are compliant with the Code across three categories including: governance of the fund, operation of the fund, and unit dealing and performance reporting.  
The Code is split into two levels of compliance: a minimum compliance standard which all funds are required to meet and a best practice level, which funds are expected to adopt wherever possible. In 2017, 65% of AREF funds achieve best practice in at least half of the areas measured. This information is published online in our Self-Certification Matrix, so that investors can see how funds perform on each point of the Code.  

AREF is unique among industry associations in the fact that we police the Quality Mark.  Every year a number of funds are selected for an audit to check they are complying with the Code of Practice and are entitled to carry the Quality Mark. The policing is undertaken by our member law firms on annual rotation and we would like to thank Browne Jacobson and Charles Russell Speechly for their work in the first 2 years.