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Due-diligence questionnaire for unlisted real estate investment vehicles:

Because the unlisted real estate market is becoming increasingly mature and sophisticated, a special due-diligence process is necessary to enable investors to gain access to standardised information.


The due-diligence questionnaire for UNLISTED REAL ESTATE INVESTMENT VEHICLES was launched for the first time in April 2007 in order to ensure that investors and consultants in the due-diligence process (1) are provided assistance to gain a more rapid understanding of the fund manager structure, strategies and unlisted real estate transactions and (2) are provided with explanations of specific vehicle strategies, risks processes, management, the terms and (anticipated) returns so that investors are able in principle to assess whether an offer matches their investment objectives. This questionnaire was updated in 2010 and, because the unlisted real estate market is subject to an ongoing process of change, the questionnaire was again updated in 2014.


In addition to the unlisted real estate funds, this recent revision of the questionnaire also includes the due diligence of joint ventures and club deals in order to take account of the change in the investment landscape.


The questionnaire has been designed as a useful tool for the unlisted real estate vehicles in order to provide investors with the fundamental information which they can expect from fund managers. This questionnaire is not intended to replace individual meetings between investors and fund managers; it is not intended to replace every type of due diligence with regard to the fund managers, market, business as well as tax and legal issues.

The questionnaire has been drawn up in the expectation that the fund manager will answer the questions adequately and in a clear and precise manner.


This also means that the documentation has to provide the requested information and that clear cross-references are made to other documents (e.g. private-placing memoranda [PPMs], finance models or fund documents). Investors should also take account of the time required by fund managers for replying to the questionnaire. Please note that, when answering the questionnaire, INREV definitions should be used as reference for the terminology.


In general, it was standard practice for fund managers to complete the questionnaire when they are marketing their vehicle and integrating the questionnaire in your information package (i.e. in addition to the PPM, subscription agreement, etc.), either within the data room of the relevant fund or for transmission to the investors. The INREV DUE-DILIGENCE questionnaires have become the sector standard in the unlisted real estate vehicle sector.


Because this document is used within the framework of investment brokerage services, it contains a disclaimer, and the completed questionnaire can therefore only be sent to restricted investor categories. Every fund manager must ensure that the questionnaire includes the corresponding disclaimer.


This questionnaire must be used in its complete form without any changes.

INREV and its members do not accept any responsibility for amendments and additions to the questionnaire.