The annual conference organised by Europe’s association for investors in unlisted real estate funds (INREV) has been scrapped because of the Icelandic volcano that has formed a cloud of ash over Europe.
INREV, which was due to host its annual event from Wednesday night until Friday lunchtime in Venice, Italy, said the continuing chaos would result in another unpredictable week for international travel.
Andrea Carpenter, director of professional standards and communications who has been serving as interim chief executive since last year, said in an email to delegates: “We have heard from many of you that you are already stranded, or have struggled home over the last few days, due to last week’s travel problems.
We regret having to make this decision but feel it is the responsible response to this unpredictable and ongoing natural disaster.”
Flights in Europe have been massively disrupted following the eruption of the Eyjafjallajoekull volcano five days ago. The UK still has a flight ban in place.
INREV explained that the cancelation was due to circumstances beyond its control, and was mainly because uncertainty around air travel has led to limited speakers and a high number of members being unable to attend.
The organisation is currently reviewing the cost implications for the cancellation.
INREV was due to unveil its new chief executive at the event following the decision by Lisette van Doorn to return to ING Real Estate last year. However, the management board is understood to have decided not to make an announcement on the new incumbent this week.