The Boards of the Association of Real Estate Funds (AREF), the British Property Federation (BPF) and the Investment Property Forum (IPF) have announced that they are in discussions with a view to coming together to create a new representative body for the UK real estate sector.
Their shared vision is to build on the individual strengths of each organisation to create a new body that will be a single powerful convenor and voice for the sector.
This move reflects the changing nature of the sector and the desire of each organisation to serve the industry effectively and ensure that it is well understood by and represented to its stakeholders.
A shadow board comprising representatives from each organisation has been established to oversee the next stage of the discussions. Each organisation will be consulting with its members over the next few months, and it is anticipated that the shadow board will bring forward a formal proposal for members to consider during 2025.
AREF chair, Anne Breen, said: “AREF’s purpose is to increase transparency and understanding in the UK real estate private markets. Our members and their investors play a crucial role in building the UK by providing essential funding. To do this effectively, they need a strong and influential voice to shape policy and regulation positively. Over the past few years, AREF has made significant progress in making our voice heard and achieving policy results. We’ve focused on improving access for defined contribution pension schemes, regulating net zero and retrofitting, and advancing the housebuilding and regeneration agenda. Throughout this journey, we’ve closely collaborated with both BPF and IPF, and we’re now committed to strengthening our voice together to achieve these goals and more.”
BPF chair, Jessica Hardman, commented: “Our sector is changing. Whether that’s the different way in which many of us run our businesses, or the impact of digitalisation, or the emergence and growth of new asset classes such as single family housing, co-living, life sciences and data centres. In response to this change the BPF is already working hard to deliver a programme of continuous development and improvement, but the BPF Board I chair believes we can go even further working with the Boards of AREF and the IPF to deliver a new larger body building on the strengths of each individual organisation. I look forward to sharing further details with members over the next few months and hearing their views.”
IPF chair, Clare Thomas, added: “The IPF’s Mission is to advance the understanding and efficiency of real estate as a major investment asset class. To achieve this, collaboration with other industry organisations, particularly the Association of Real Estate Funds (AREF) and the British Property Federation (BPF), is essential. The market is facing significant structural changes, including new participants (both domestic and global), shifting investor priorities, new favoured sectors and increasing regulation and legislation particularly regarding ESG matters, reporting frameworks, corporate structures etc. In this context, the IPF board has decided to explore creating a new organisation that can best address these future challenges, whilst preserving the unique strengths of the IPF, AREF and BPF. We are committed to working alongside AREF and the BPF and consulting with the IPF membership as we navigate this transformative period and shape the future of our industry together.”