Real estate trade bodies kick off merger talks

Three trade bodies for the real estate industry – the Association of Real Estate Funds, the British Property Federation and the Investment Property Forum – are in talks to join together, creating what they hope will be “a single powerful convenor and voice” for the sector. The move comes as the three organisations and their members face a shifting market. IPF chair Clare Thomas said: “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 and corporate structures.” The trio has formed a shadow board with representatives from each organisation to run the talks. Each organisation will consult with members over the coming months, with a formal proposal expected next year. BPF chair Jessica Hardman said: “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.” AREF chair Anne Breen said: “Over the past few years, AREF has made significant progress in making our voice heard and achieving policy results. We have 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 have closely collaborated with both BPF and IPF, and we are now committed to strengthening our voice together to achieve these goals and more.”