AREF has a unique Code of Practice, widely recognised as the gold standard in corporate governance. 

Fund Member Compliance

It is a requirement for all Fund Members of AREF to confirm annually their compliance with the AREF Code of Practice.  The Funds' level of compliance with the Code is then recorded on a matrix each year (click here to view) and allows funds to display our Quality Mark.  With investors in real estate fund increasingly looking at governance, the matrix and Quality Mark makes it easier for investors and their advisers to discern funds' commitment to good governance.

Current Code of Practice 2020

Click here to view the Code of Practice 2020

Please note: self-certification for the 2020 Code is not currently open, as we require all members to log-in and approve their 2019 online self-certification before we can open for 2020 - see below for further details.

New! Online Self Certification Process

In 2020 we moved our annual Self Certification process online and are pleased to launch our new Platform.  AREF staff have copied over the answers on your 2019 Form/Template and now require all Members to check and approve these, in order for the matrix web page to populate.

Please note, all online self-certifications need to be completed/approved by Friday 18th September 2020.

Key Principles

The Code of Practice has three key principles that capture the spirit of the Code of Practice.  These are:


Managers of AREF member funds are expected to act in the best interests of all investors and provide transparent and timely information to them: 

  • Reporting should be timely and accurate and including relevant up to date information and analysis.
  • Managers should maintain an open dialogue with investors including communication over decision making processes, the use of independent third parties for valuations and secondary market transactions, the appropriate use of financial instruments including risk monitoring, and transparency over insurance and service charges.
  • Appropriate policies should be in place that address potential risk and conflicts and these should be disclosed to investors where they may affect the integrity of the fund.
  • The fund should demonstrate a proactive attitude towards improving ESG initiatives. In achieving best practice, annual reviews should be conducted and disseminated to investors.



Managers of AREF member funds have operational policies and procedures which ensure that they are accountable for their actions and demonstrate an alignment of interest between the manager and investors. This includes:

  • The setting of performance objectives, fund benchmarks and performance calculations, internal investment committees including management structure and accountability, clarity over calculation and timeliness of distributions, transparency in reporting of fees and expenses, adequate procedures for provision of unit pricing and dealing in subscriptions and redemptions, collection and reporting of fund flows and other relevant data.


Operational Integrity

Managers are expected to provide clear transparent and unambiguous documentation about the governance and structure of AREF member funds. This includes:

  • Fund structure, fund objectives and strategy, governance matters such as fund oversight by committee, details surrounding the appointment, obligations and termination of the manager, how and when the fund will end its life, liquidity provisions and investor protection policies such as confidentiality and disaster recovery.  
  • Managers should demonstrate integrity and ensure that investors will be treated fairly in all circumstances.


Related pages:

Code of Practice 2019

Our unique Code of Practice & Quality Mark are widely recognised as the gold standard in corporate governance.

Historic Self Certification Matrices

To confirm compliance with the Code of Practice, all AREF funds need to complete our self-certification process. Read more..

The AREF Quality Mark

AREF fund members must confirm their compliance with our Code of Practice in order to obtain our Quality Mark.

Self Certification Process - Notes for Users

We have now moved our annual Self Certification Process online. Click her to read about the Process and view Instructions.