I think this is being a little unfair to AIB. The reason the fees are so high as a proportion of equity is because of the level of gearing in the fund. The reason one might invest in a geared fund is in the hope of higher gains if there is good capital appreciation. If you don't like the idea, there are plenty of ungeared property funds out there too, but 2% initial commission and 1% of the value of assets under management annually are not exceptionally high charges.
If, say, there is 4% p.a. compound capital appreciation, there would be over €73m in gross capital gains, i.e., 182.5% of equity. I have no view on the prospects of the Japanese property market, but the main reason for going into a geared property fund is because one hopes for capital appreciation. In that context, the charges are not unduly high.