In advance of the event, Delano spoke with Jeff Rupp, director of public affairs at Inrev, the European Association for Investors in Non-Listed Real Estate Vehicles. He speaks on the “The future of REIFs” panel, Wednesday 27 November at 9:30am.
Aaron Grunwald: What do you want the audience to get most from the “The future of REIFs” panel?
Jeff Rupp: My main point is that even with significant changes we’re seeing in the political, economic and regulatory landscape, there is robust investor appetite for investment in real estate through funds. The favorable risk adjusted returns that real estate fund investments can deliver and the diversification they can provide remain attractive.
Is the regulatory framework for REIFs in the EU and in Luxembourg satisfactory today? What could be improved?
My second main point from the REIF panel is that the regulatory framework for REIFs in the EU and Luxembourg works quite well. The professionalism of the real estate investment industry and the continual dialogue with both EU and Luxembourg regulators have resulted in a workable, mature and market-oriented investment environment.
There are a limited number of areas where we think the current regulation can be improved. In fact, after the time, energy and money spent embedding requirements under AIFMD since 2013, we are recommending that policy makers in Brussels not make any changes to the AIFM Directive in the upcoming review.
What is the outlook for Luxembourg REIFs, 2020-2025 or so?
Luxembourg REIFs have grown considerably in the past few years and are expected to continue growing. This is partly due to Brexit and partly due to tax considerations, together with the fact that Luxembourg is widely considered a center of excellence for real estate fund tax, legal and advisory services, management and operational support.
Aside from your own talk at the Alfi event, which speech or panel are you most looking forward to hearing, and why?
All the panels look really interesting, but I’m especially looking forward to hearing Keith O’Donnell, managing partner at Atoz Tax Advisors [editor’s note: Wednesday 27 November at 2:50pm]. His understanding of the complexities and interactions of tax regulations affecting real estate funds is amazing. I always learn something new when I hear Keith.