The nature of commercial property investing has changed rapidly in recent years, with the large, established property funds joined by more niche, or specialist, mandates focused on investing in particular areas or sub-sectors of the economy.
As property funds have evolved, the challenge presented to allocators is how to regard these new funds, which may own data centres or communication towers, do they belong in a property allocation, or as an infrastructure allocation? Is the fact the property is physcial in nature the defining characteristic of the asset class, or is the theme behind the selection of the properties more important?
Allocators observing the travails of the property sector in recent times may be reluctant to allocate to it as a whole, but if the classifications around the asset class are outdated, could it mean opportunities are bieng missed?
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