UK’s Leading Real Estate Bodies Announce Merger Discussions

London, November 06, 2024 – 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 to merge and form a new representative body for the UK real estate sector.

In a joint statement issues in a press release by the British Property Federation, the boards of the three organizations outlined their shared vision to build on their individual strengths and create a single, powerful voice for the sector. This move is intended to address the evolving nature of the industry and ensure effective representation and understanding among stakeholders.

A shadow board, comprising representatives from each organization, has been established to oversee the next stage of discussions. Each organization will consult with its members over the coming months, with a formal proposal expected to be presented in 2025.

Anne Breen, Chair of AREF, emphasized the importance of a strong voice in shaping policy and regulation: "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. We have made significant progress in recent years by focusing on improving access for defined contribution pension schemes, regulating net zero and retrofitting, and advancing the housebuilding and regeneration agenda. Collaborating with BPF and IPF will further strengthen our voice to achieve these goals and more."

Jessica Hardman, Chair of BPF, highlighted the sector’s rapid changes and the need for continuous development: “Our sector is changing, whether it's the different ways we run our businesses, the impact of digitalization, or the emergence of new asset classes such as single-family housing and life sciences. The BPF is committed to continuous development, but we believe we can achieve even more by working with AREF and IPF to build on our individual strengths.”

Clare Thomas, Chair of IPF, discussed the market’s structural changes and the importance of collaboration: “The market is facing significant structural changes, including new participants, shifting investor priorities, and increasing regulation. The IPF board is exploring the creation of a new organization that can best address these future challenges while preserving the unique strengths of AREF, BPF, and IPF. We are committed to working together and consulting our membership to shape the future of our industry.”

The Association of Real Estate Funds (AREF) represents member funds and their investors, with a membership that includes over 50 funds and a collective net asset value exceeding £50 billion. The British Property Federation (BPF) promotes the interests of all those with a stake in UK real estate, including owners, developers, and advisers. The Investment Property Forum (IPF) has 1,500 members from various professional backgrounds, including accountancy, banking, and law.

This merger aims to create a stronger, unified body that can better advocate for the real estate sector and address the challenges and opportunities ahead.