Valuation of real estate assets is one of the most critical parts within the calculation of a real estate fund’s net asset value (“NAV”). In addition to determining the fair value of the underlying real estate asset(s), fund managers and investors have to take into account other actual or contingent assets and liabilities such as deferred taxation and minority interests in determining NAV at the fund level.
In April, ANREV hosted a round table where a number of investors, managers and advisors explored current market practices around the valuation of real estate assets and NAV determination for the holding funds, including geographical, market practice, accounting adjustments and governance.
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ANREV Professional Standards Committee would like to thank the participants who have engaged in the discussion as well as Paul Walters and Michael Atkinson from PwC, who kindly helped to facilitate the discussion and wrote this paper.
To learn more about this Committee, please click here.