Investments in commercial property in the UK have experienced a considerable downturn since the 1980s. Large institutions have lowered their percentage allocation in real estate and increased their share in equities. However, a reversion of this trend has been started through the downturn of the equity markets in the late 1990s. Since then an increased investment activity can be observed in the property markets again, whereby the trend seems to go towards indirect property investment instead of direct property ownership. (Consultation paper of the HM Treasury, 2004).