Purpose - The objective of the study is to assess the extent to which the hypothetical attractions of listed real estate products as part of a real estate allocation are being over-ridden by the lack of integrated solutions to managing public and private real estate in the same portfolio. Design/Methodology/Approach - To assess this, we undertook a pilot survey of 20 investors and fund managers. Following this, we target two interviewee groups: 'pure' investors (investors who manage mainly in-house capital); and the investment consultants who advise them. The method used is semi-structured interviews, and we have targeted a minimum response of 25 investors and 10 consultants.Findings - The pilot survey found that for some European investors and managers listed real estate is clearly part of the equity allocation. For others, there is some evidence that pension funds and consultants regard (or would like to regard) listed real estate as part of the real estate allocation. Within the sub-set of those for whom listed real estate forms part of the real estate allocation, some have an integrated approach to public and private real estate; but more (80% of 20 interviewees) do not, sub-contracting public real estate to a dedicated team, the equity desk, or even to an external manager. It appears that this goes some way to defeating the object of a combined mandateOriginality/Value - With liquidity an increasingly key criterion in the asset allocation process, and the increasing introduction of compulsory defined contribution pension schemes in Europe we believe that understanding how listed real estate can be managed effectively alongside private real estate . We believe that this is the first survey to be undertaken with this specific objective.