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Report for the Association of Real Estate Funds

A Review of Real Estate Fund Behaviour following the EU Referendum

The consultation draft of John’s report for AREF A Review of Real Estate Fund Behaviour following the EU Referendum has now been published. This report is an independent review of fund behaviour following the European Union Referendum vote in the United Kingdom on 23rd June 2016. It looks at what actions fund managers took, why they did so and what limitations restrict different behaviour. As it was primarily an issue of meeting liquidity requirements in open-ended funds, there is particular focus on this. This version of the report is a consultation draft for comment by the industry. The final version will reflect feedback received, which we hope will be extensive.


You can download the draft report here.


Feedback from the real estate industry will be sought up until Tuesday 18th April. Comments can be sent to:

      John Forbes, John Forbes Consulting – email: – tel:  07885 912399

      John Cartwright, Chief Executive, AREF – email: – tel: 07541 090064

The final version of the report will be published on 25th April in time for it to be used in responses to the FCA discussion paper, “Illiquid assets and open-ended investment funds: DP17/1”, which has a deadline of 8th May. You can find the FCA discussion paper here


The draft was launched at a discussion forum at Eversheds Sutherland. You can download the slides here. The feedback from this discussion forum along with

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responses received up until 18th April will be reflected in the final report.


The paper highlights key differences between the post referedum events and the real estate fund issues following the 2008 financial crisis. John also wrote the 2012 report for AREF, "Unlisted funds - lessons from the crisis". You can find the 2012 report and additional materials here.


Press coverage of the draft report can be found here.

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