One of the most significant recent shifts in the UK and European commercial real estate markets has been the growth of indirect real estate vehicles. The development of the UK market is a strong example of a European wide trend, which started in the late 90s. The gross asset value (GAV) of indirect vehicles in the UK grew from £13bn in 1991 to £22bn in 1998. Over the following seven years, the GAV more than tripled to £67bn in 2005 (OPC, 2006). Similar trends can be observed in Continental Europe with, for example, Germany growing from Ä9bn in 1991 to Ä85bn in 2005 (BVI, 2006). What is causing this rapid growth both in terms of demand and supply of indirect property products? Drawing upon interviews and a questionnaire survey conducted with major UK institutional investors and their advisors, we investigate the factors that have driven the growth in the indirect market. Approaching the topic from several directions, we analyse the motives of the fund creators as well as the attractions of the market for investors - both within the context of the general investment market. Looking forward, we then conclude with the views of market participants upon the future of the UK indirect market in terms of investment characteristics as well as vehicle structure.