Real estate is an important asset class for pension funds. This has taken on increased importance in recent years in Europe, with changing demographics and the impact of regulations such as Solvency II. This paper examines the significance and role of real estate in European pension funds; particularly focusing on the real estate investment vehicles and strategies used to achieve this real estate exposure post-GFC. A survey of leading European pension funds examines their views on real estate in their portfolios, with interviews with leading real estate professionals in Europe adding further strategic insight into this important issue. Effective strategies for the ongoing inclusion of increased levels of real estate in European pension fund portfolios are also identified.