The paper will assess the realised performance of UK real estate investment funds using the largest available set of data from IPDís records. The first objective is to document fund returns over periods of 10 and 20 years using all the standard indicators of return, risk and risk adjusted returns (Sharpe, Treynor, Jensenís alpha, information ratios, factor models etc). The analysis will explore the performance of fund managers on measures such as consistency, market timing, and momentum. The discussion will include the limitations of metrics drawn largely from the analysis of equity mutual funds for the analysis of real estate funds, and how the alternative performance measures impact upon the performance ranking of managers. The second part of the work will give an initial decomposition of ariance in fund performance and indicators of manager skill into underlying components, such as stock selection vs asset allocation. The paper is intended to open information on fund performance to a wider audience, and develop an agenda for further research.