20 May 2021

The Open End Fund Pricing Project is an industry-wide project conducted in collaboration with INREV.

The first phase was completed in July 2018.  Its key purpose was to promote a better understanding of the effectiveness of the two principal types of pricing mechanisms commonly in use, through quantitative analysis, and whether their methods of calculation result in different outcomes for investors. It concluded that both commonly used pricing models, (classic dual and Cap & Am), are effective in minimising investor dilution but did not produce identical outcomes for investors.

In 2020 AREF and INREV launched the Open End Fund Pricing Consultation Paper, representing the second phase of the project, offering insights into the complexities around the pricing of institutional open end real estate funds. The paper and supporting materials can be downloaded below. Following the consultation period, the recommendations in the Consultation regarding pricing mechanisms have been implemented as guidelines, which can be downloaded below.  Further recommendations in the Consultation regarding governance matters will be considered by the AREF Corporate Governance Committee.

Documents to Download:



Open End Fund Pricing Guidelines May 2021

Event summary and video - May 2021


Phase 2 Consultation

Event Summary - April 2020

Phase 2 Consultation Paper - May 2020

Phase 2 Supporting Document - May 2020

Phase 2 Consultation Feedback Form - May 2020


Phase 1 Consultation

Snapshot of Phase 1 Conclusions - July 2018

Phase 1 Report - July 2018

Read Event Summary from 12 December 2016.

Initial Consultation

Download Initial Consultation

For further information, please email us: info@aref.org.uk.