18 May 2021

AREF is seeking an additional Non-Executive Director to join the Board in July 2021. 

The Board is responsible for promoting the long-term success of AREF for the benefit of all its members and, in particular, for developing AREF’s strategic aims and values, ensuring it is adequately resourced to achieve its objectives, overseeing the executive team and enforcing the Code of Practice.

The requirements for this particular role are slightly unusual since one of the duties will be to sit alongside the Managing Director when discussions need to be held with Fund Members concerning Code infringements.  Most Board members currently work as fund managers and are therefore conflicted out of performing this role.  We are thus seeking someone with significant experience in the property fund management industry (which could, for example, be as a fund manager, multimanager, investment consultant, investor or lawyer), who is not currently working for a fund manager or having any other potential conflict of interest, and who is able to provide robust challenge to fund managers when circumstances require it. 

Time commitment

The Board normally meets 8-12 times a year, but all meetings are relatively short.  In alternate months there is a fiduciary meeting of 1.5 hours to take formal Board decisions (typically in person), interspersed with a themed meeting of an hour on a topic of interest, usually with an outside speaker (typically held remotely).  No decisions are expected to be made at the themed meetings.  The total core commitment is thus 25-30 hours a year, plus preparation time. 

The nature of the role makes it impossible to be more specific about the maximum time commitment, and there is always the possibility of ad hoc matters arising from time to time that require Board attention, particularly when AREF is undergoing a period of increased activity. It may therefore be necessary to convene additional Board meetings during the year.

Remuneration and expenses

Further to expenses, the Board may consider remuneration for this post.

Term of Appointment

All non-executive Board appointments are for an initial three-year term, possibly followed by a further three years, subject to a nominations and approval process.  It is expected that all Directors should serve no more than two terms consecutively. However, the Board may invite you to continue for an additional period, or to fulfil a particular role thereafter, if it deems it in the best interests of AREF to do so.


If you are interested in this role, please contact AREF’s Managing Director, Paul Richards, at prichards@aref.org.uk.


Paul Richards

Paul Richards

Managing Director, AREF

Paul is the Managing Director of AREF.

Before joining AREF, Paul was Head of the European Real Estate Boutique within Mercer’s investment consulting business for almost 10 years, previously he was Head of Indirect Real Estate Investment and Global Managed Accounts at LaSalle Investment Management, where he was responsible for managing global portfolios of unlisted real estate funds for clients from Europe and Asia Pacific.

He has over 25 years of real estate experience in investment, corporate finance and research, and has advised investors, occupiers and venture capital companies on property portfolio strategy and on financial structuring, including PFI, senior and mezzanine debt and joint venture arrangements. His employers have included LaSalle Investment Management, Cushman & Wakefield and Henderson Investors.

Before coming into the world of real estate, Paul worked in marketing and market research. He originally studied Physiological Sciences at Lincoln College, Oxford and has a Master of Science in Real Estate from City University Business School, London, now Cass Business School.