It has been established in a previous paper (Moss & Farrelly 2014) that adding a global listed real estate element (25%-30%) to an unlisted (UK) real estate portfolio could enhance returns. This paper takes the analysis and understanding of blended real estate portfolios further , by increasing the geographic range of the unlisted element, and examining refinements to a straight buy and hold strategy for the listed element. In particular it seeks to answer the following questions:

1) Does the strategy work for regions other than the UK ? We examine the impact of combining a global listed element with a direct property allocation from Europe, Asia and the US, using Transaction Based Indices.

2) Would performance be improved if different Smart Beta (Alternative Index Weighting) strategies were employed? If so which strategies (Equal weighting, High/ Low Leverage, etc ) work best?

3) Is it possible to adopt a rules-based trading strategy that would enhance performance of the listed element? We look at Momentum based strategies, Trend Following, and a combination of the two, concluding that these strategies can have a significant role to play in risk reduction of the listed element of a blended portfolio.