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Code of Practice for Real Estate Funds (2007)

Introduction

The AREF Code of Practice is a voluntary code whose stated aim is to encourage the members of AREF to adopt best investment practice wherever possible. Its aim is to achieve a transparency and freedom of information that will be to the ultimate benefit of the real estate fund industry, its managers and investors.

The role of the AREF Management Committee ("the Committee") is to encourage all its members to use reasonable efforts to comply with the Code and to state in their annual statements, interim accounts and other published material, the extent to which they do comply (to the extent that they are not obliged by law to comply).

Notes
The code of practice is a working document which will require regular updates to reflect market, regulatory and policy changes.

Consultation on the content of the code was recently completed and encouraging feedback was received.  Some of the comments received have already been incorporated in the current version of the code of practice. Other feedback requires further consideration by the Code Committee.

More detailed guidance will be progressively added to the sections listed below over the next few months:

• Risk return profile
• Reporting
• Gearing
• Costs and expenses
• Distribution arrangements
• Compliance with the code