The future returns for property required by UK pension funds: the BHS dataLee, S. L. and Byrne, P. J., (1995) The future returns for property required by UK pension funds: the BHS data. Working Papers in Land Management & Development. 39/95. Working Paper. University of Reading, Reading. pp8. Full text not archived in this repository. It is advisable to refer to the publisher's version if you intend to cite from this work. See Guidance on citing. Abstract/SummaryPrevious studies of the place of Property in the multi-asset portfolio have generally relied on historical data, and have been concerned with the supposed risk reduction effects that Property would have on such portfolios. In this paper a different approach has been taken. Not only are expectations data used, but we have also concentrated upon the required return that Property would have to offer to achieve a holding of 15% in typical UK pension fund portfolios. Using two benchmark portfolios for pension funds, we have shown that Property's required return is less than that expected, and therefore it could justify a 15% holding.
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