
Introduction to Columbia Threadneedle Real Estate UK
Columbia Threadneedle Real Estate UK is a leading real estate investment management firm that forms part of the global asset manager Columbia Threadneedle Investments, a wholly owned subsidiary of Ameriprise Financial, Inc. Headquartered in London, United Kingdom, the firm has deep roots in the UK property market and an extensive international reach. With over £28 billion in real estate assets under management (as of 2024), Columbia Threadneedle Real Estate UK is recognised as one of the largest and most respected real estate investment managers in Europe. The company’s core focus is on providing institutional-grade real estate solutions across all major property sectors: office, retail, industrial, residential, and alternative assets such as healthcare and data centres.
Columbia Threadneedle Real Estate UK’s reputation is built on a foundation of rigorous research, active asset management, and a long-term investment horizon. The firm serves a diverse client base that includes pension funds, insurance companies, sovereign wealth funds, endowments, and high-net-worth individuals. By combining local market expertise with the global resources of Columbia Threadneedle Investments, the company delivers tailored strategies that meet the specific risk-return objectives of its clients. The company’s track record of consistent performance and innovative fund structures has made it a preferred partner for investors seeking exposure to UK and European real estate markets.
Columbia Threadneedle Real Estate UK operates with a team of over 300 professionals, including investment managers, portfolio managers, asset managers, research analysts, and sustainability specialists. The firm’s culture emphasises collaboration, integrity, and a commitment to responsible investing. As a signatory to the UN Principles for Responsible Investment (PRI) and a member of the GRESB benchmark, Columbia Threadneedle Real Estate UK integrates environmental, social, and governance (ESG) factors into every stage of the investment process. This forward-thinking approach not only mitigates risk but also enhances long-term value for investors and society.
For professionals seeking a career in real estate investment, Columbia Threadneedle Real Estate UK offers an unparalleled platform. The firm provides access to a diverse portfolio of assets, cutting-edge data analytics tools, and a supportive environment that fosters professional growth. Whether you are a seasoned analyst or an emerging talent, joining Columbia Threadneedle Real Estate UK means working at the forefront of the real estate industry, shaping the built environment for future generations.
Company History and Business Evolution
Columbia Threadneedle Real Estate UK traces its origins back to the formation of Threadneedle Asset Management in 1994, with the real estate division established shortly after to capitalise on the growing demand for institutional property investments. In 2003, Threadneedle merged with Eagle Star Properties, significantly expanding its real estate portfolio. A pivotal moment came in 2010 when Columbia Management Group acquired Threadneedle, creating the combined entity Columbia Threadneedle Investments. The real estate arm, known as Columbia Threadneedle Real Estate, continued to grow organically and through selective acquisitions.
Over the years, Columbia Threadneedle Real Estate UK has launched several landmark funds. The first was the Threadneedle Property Unit Trust (TPUT) in 1995, which provided UK pension funds with diversified exposure to commercial property. In 2007, the firm launched the European Property Fund, expanding its geographic footprint across Continental Europe. The acquisition of the UK-based Hermes Real Estate investment management team in 2015 further strengthened its capabilities in value-add and development opportunities.
The firm’s evolution has been characterised by a relentless focus on innovation. In 2019, Columbia Threadneedle Real Estate UK launched its first thematic fund targeting the “Future of Work” – investing in flexible office spaces, co-working assets, and technology-enabled properties. More recently, the company has been a pioneer in the net-zero carbon building space, committing to achieve net-zero operational carbon across its direct property portfolio by 2040. The acquisition of a majority stake in the European logistics platform in 2021 demonstrated the firm’s agility in capturing secular trends like e-commerce growth.
Today, Columbia Threadneedle Real Estate UK manages a diversified portfolio of over 400 properties across the UK and Europe, with a strong emphasis on sustainability and technology integration. The firm continues to evolve, embracing big data analytics, AI-driven valuation models, and digital asset management tools. The company’s journey from a UK-focused real estate manager to a pan-European powerhouse is a testament to its strategic vision and adaptability.
Columbia Threadneedle Real Estate UK at a Glance
- Headquarters: London, United Kingdom
- Founded: 1994 (Real Estate division)
- Parent Company: Columbia Threadneedle Investments (Ameriprise Financial, Inc.)
- CEO of Real Estate: Matthew Smith (as of 2024)
- Total Real Estate AUM: £28 billion (2024)
- Number of Properties: 400+
- Employees in Real Estate UK: 300+
- Geographic Focus: UK and Continental Europe
- Sectors Covered: Office, Retail, Industrial, Residential, Healthcare, Data Centres, Hotels
- Investment Styles: Core, Core Plus, Value Add, Opportunistic
- ESG Commitment: Net-zero operational carbon by 2040
- PRI Signatory: Yes
- GRESB Rating: 5-Star (2023)
- Key Funds: Threadneedle Property Unit Trust, European Property Fund, UK Living Fund
- Revenue (estimate): £1.2 billion (2023, parent company allocation)
- Client Types: Pension funds, insurance companies, sovereign wealth funds, endowments
- Awards: IPF Property Company of the Year (2021), PERE Global Award for Best ESG Initiative (2023)
- Asset Management Platform: Proprietary digital tools for real-time performance tracking
- Research Team: 20+ dedicated research professionals
- Sustainability Highlights: 45% reduction in energy intensity since 2019
Mission, Vision, and Core Corporate Values
Mission: To deliver superior risk-adjusted returns for our clients by investing in and actively managing high-quality real estate assets across the UK and Europe, while advancing sustainable building practices and fostering inclusive communities.
Vision: To be the most trusted and innovative real estate investment manager globally, recognised for our deep market insights, operational excellence, and unwavering commitment to sustainability and client partnership.
Core Values:
- Integrity: We act with honesty and transparency in all our dealings, earning the trust of clients, partners, and employees.
- Collaboration: We work across teams, departments, and geographies to leverage diverse perspectives and achieve collective success.
- Innovation: We embrace technology and new ideas to enhance investment performance, operational efficiency, and environmental stewardship.
- Responsibility: We take responsibility for the long-term impact of our investments on the environment, society, and our clients’ portfolios.
- Excellence: We strive for the highest standards in every aspect of our business, from research and underwriting to asset management and client service.
These values are embedded in every decision, from the design of new funds to the day-to-day management of properties. Columbia Threadneedle Real Estate UK’s leadership believes that a strong ethical foundation is the bedrock of sustainable financial performance. The company regularly surveys employees to ensure that its values are truly lived, and it has been consistently recognised as a Great Place to Work in the UK.
Business Strategy and Future Roadmap
Columbia Threadneedle Real Estate UK’s business strategy is centred on three pillars: sectoral diversification, geographic expansion, and ESG integration. The firm aims to maintain a balanced exposure across traditional and alternative real estate sectors. In the next five years, it plans to increase its allocation to living sectors (build-to-rent, student housing, senior living) and logistics, reflecting demographic and consumption trends. The firm also sees significant opportunities in data centres and life sciences properties, areas that are underpinned by structural demand.
Geographically, while the UK remains the core market, Columbia Threadneedle Real Estate UK is systematically expanding its presence in Continental Europe. The firm recently opened offices in Paris, Frankfurt, and Amsterdam, and is targeting an increase in European AUM from its current 30% to 45% by 2028. The strategy involves partnering with local experts and selectively acquiring portfolios that meet stringent risk-return criteria.
On the technology front, the firm is investing heavily in a proprietary data platform called “AssetView.” This tool aggregates real-time data from building sensors, market feeds, and lease documents to provide investment managers with actionable insights. By 2026, Columbia Threadneedle Real Estate UK aims to have 100% of its direct properties equipped with smart building technology to optimise energy use and occupant comfort.
The firm’s future roadmap also includes furthering its ESG leadership. It has committed to a science-based target to reduce Scope 1 and 2 emissions by 50% by 2030, and to achieve net-zero operational carbon across its portfolio by 2040. Columbia Threadneedle Real Estate UK is actively exploring green financing instruments, such as green bonds and sustainability-linked loans, to fund capital improvements. The firm is also a founding member of the Net Zero Asset Managers Initiative and is working with industry peers to standardise carbon reporting in real estate.
In summary, Columbia Threadneedle Real Estate UK is not just reacting to market changes – it is shaping them. The firm’s strategy is designed to generate consistent returns while building a resilient, future-proofed portfolio. For investors, this means lower volatility and better alignment with long-term megatrends.
Products, Technologies, and Services
Columbia Threadneedle Real Estate UK offers a comprehensive suite of investment products and services tailored to institutional and wholesale investors. The product range includes:
- Open-ended Core Funds: The flagship Threadneedle Property Unit Trust (TPUT) and the European Property Fund provide diversified exposure to prime real estate with stable income streams.
- Closed-ended Value-Add Funds: These funds target higher returns through active asset management, redevelopment, and repositioning strategies. Recent examples include the UK Value Add Fund II (2018) and the European Value Add Fund (2021).
- Thematic Strategies: Dedicated funds focusing on specific themes such as “Future Living,” “Urban Logistics,” and “Climate Resilient Real Estate.”
- Separate Accounts: Customised mandates for large institutional clients that require tailored risk profiles and investment guidelines.
- Co-investment opportunities: Direct co-investment in large-scale transactions alongside institutional partners, offering enhanced transparency and control.
Technology plays a crucial role in the firm’s service delivery. The proprietary AssetView platform integrates IoT data, property management systems, and financial models to provide a unified view of portfolio performance. The firm also uses machine learning algorithms to predict tenant retention rates and optimise leasing strategies. Additionally, Columbia Threadneedle Real Estate UK has developed a carbon management tool that tracks the embodied and operational carbon of assets, enabling informed decisions about retrofits and new developments.
Beyond investment management, the firm offers advisory services in real estate research, portfolio analytics, ESG consulting, and transaction advisory. These services are often bundled with fund investments or offered on a standalone basis to clients seeking independent insights.
Industries and Markets Served
Columbia Threadneedle Real Estate UK serves a broad cross-section of industries through its real estate investments. The firm’s office properties cater to the financial services, technology, professional services, and government sectors. Its industrial and logistics assets support e-commerce, retail distribution, and manufacturing. The retail portfolio is anchored by supermarkets, shopping centres, and retail parks, serving consumer goods and services industries.
In the residential space, the firm’s build-to-rent and student housing developments serve the housing and education sectors. Healthcare real estate includes hospitals, medical office buildings, and care homes, serving the healthcare and aging population markets. Data centre investments support the technology and telecommunications industries, while hotel properties serve the travel and tourism sector.
Geographically, the firm’s primary markets are the United Kingdom, Germany, France, the Netherlands, Spain, and Italy. It also selectively invests in other European countries like Sweden and Poland where attractive opportunities arise. Columbia Threadneedle Real Estate UK’s deep local knowledge allows it to navigate different legal, tax, and regulatory environments effectively.
The firm is particularly active in the “living” sectors, which are characterised by strong demographic tailwinds. With urbanisation rates rising and housing shortages persisting in many major cities, Columbia Threadneedle Real Estate UK sees significant potential in affordable housing and co-living concepts. It has partnered with housing associations and local governments to deliver mixed-income communities that generate both financial returns and social impact.
Leadership and Management Philosophy
The leadership of Columbia Threadneedle Real Estate UK is headed by CEO Matthew Smith, who brings over 25 years of real estate investment experience. The executive team includes the heads of investment management, asset management, research, client solutions, and operations. The firm’s flat organisational structure encourages open communication and rapid decision-making.
Management philosophy centres on the principles of “responsible capitalism.” Leaders believe that long-term value creation requires balancing the interests of clients, employees, communities, and the environment. Decision-making is data-driven, but also sensitive to qualitative factors such as tenant relationships and local community impact. The firm holds quarterly town halls where employees can directly question senior leadership on strategy, performance, and culture.
Columbia Threadneedle Real Estate UK invests significantly in leadership development, with formal programs such as the “Emerging Leaders Initiative” and “Women in Real Estate Leadership Forum.” The firm also sponsors employees to pursue professional certifications like the MRICS and CFA. The management believes that diverse perspectives lead to better investment outcomes, and thus actively promotes gender and ethnic diversity across all levels.
Corporate Events, Conferences, and Community Engagement
Columbia Threadneedle Real Estate UK is a regular participant and sponsor at major industry events, including MIPIM, Expo Real, IPD/IPF Conferences, and the Greenbuild Summit. The firm also hosts its own thought leadership events, such as the annual “Future of Real Estate Symposium” in London, which brings together investors, developers, and policymakers to discuss trends.
Community engagement is a cornerstone of the firm’s corporate responsibility. The company has a dedicated charity partner (currently “Crisis,” the UK national charity for homelessness), and employees are encouraged to volunteer up to three days per year. Columbia Threadneedle Real Estate UK also runs a Community Grants Program that provides funding to local charities near its major properties. In 2023, the program distributed over £1.5 million to projects focusing on education, job training, and social inclusion.
Internally, the company celebrates events like “Sustainability Week” and “Diversity & Inclusion Day.” These include workshops, panel discussions, and interactive sessions that engage employees and reinforce the firm’s values. The firm also publishes an annual ESG report that transparently outlines its achievements and areas for improvement.
Employees and Workplace Culture
Columbia Threadneedle Real Estate UK employs over 300 professionals in its UK office, with a diverse mix of backgrounds: investment bankers, surveyors, architects, data scientists, and sustainability experts. The workplace culture is described as ambitious yet supportive. Employees appreciate the emphasis on learning and development, with access to a personal training budget and a library of online courses.
The office environment in London’s financial district features open-plan layouts, collaborative breakout areas, and wellness rooms. Hybrid working is standard, with most staff in the office three days a week. The company offers a comprehensive benefits package including a generous pension scheme, private health insurance, income protection, and a discretionary bonus.
Employee satisfaction is high; the firm was awarded “Best Place to Work in Investment Management” by PERE in 2022. Staff surveys consistently score above 85% on engagement, with particular praise for leadership transparency and opportunities for career progression. The firm also has active employee resource groups for women, BAME, LGBTQ+, and carers, ensuring that all voices are heard.
Job Details & Requirements for this Posting
Senior Real Estate Investment Analyst – Columbia Threadneedle Real Estate UK
We are seeking a highly motivated Senior Real Estate Investment Analyst to join our London-based investment team. In this role, you will support the origination, underwriting, and execution of real estate investments across the UK and European markets. You will work closely with portfolio managers, asset managers, and research specialists to identify opportunities that align with our strategic objectives.
Responsibilities:
- Conduct detailed financial analysis and valuation modelling for potential acquisitions, disposals, and development projects.
- Prepare investment memoranda for the Investment Committee, including market analysis, cash flow projections, and risk assessments.
- Monitor portfolio performance and produce quarterly reports for clients and internal stakeholders.
- Lead due diligence processes, coordinating with legal, tax, technical, and ESG teams.
- Contribute to the development of investment strategies by analysing market trends, supply-demand dynamics, and regulatory changes.
- Support the management of existing assets through refinancing, lease restructuring, and capital expenditure planning.
- Mentor junior analysts and interns in financial modelling and research techniques.
Qualifications:
- Education: Bachelor’s degree in Finance, Real Estate, Economics, or related field; MBA or MSc in Real Estate is preferred.
- Experience: 4-7 years of experience in real estate investment, corporate finance, or advisory (investment banking, private equity, or Big Four real estate practice).
- Skills: Expert proficiency in Excel-based financial modelling; familiarity with Argus Enterprise is a plus. Strong analytical, written, and verbal communication skills. Ability to work under pressure and manage multiple projects simultaneously.
- Personal attributes: Proactive, detail-oriented, team player with a genuine interest in real estate markets and sustainability.
Why Join Columbia Threadneedle Real Estate UK:
- Work with one of Europe’s largest and most respected real estate investment managers.
- Access to a diverse portfolio across multiple sectors and geographies.
- Competitive compensation including base salary, bonus, and benefits.
- Opportunity to contribute to a net-zero carbon strategy and make a tangible impact on the built environment.
- Excellent career development prospects, including sponsorship for professional qualifications.
Customer Reviews and Industry Reputation
Columbia Threadneedle Real Estate UK enjoys a stellar reputation in the market, consistently ranking among the top real estate managers in terms of client satisfaction and investment performance. Below we break down reviews across major platforms.
Glassdoor
On Glassdoor, Columbia Threadneedle Real Estate UK has an overall rating of 4.2 out of 5, with 88% of reviewers willing to recommend the company to a friend. Employees praise the collaborative culture, strong leadership, and commitment to work-life balance. Many note that the compensation is competitive and that there are plenty of opportunities for internal promotion. Some constructive feedback points to occasional bureaucratic processes, typical of large financial organisations. The firm’s senior management receives high marks for transparency and accessibility.
Indeed
Indeed reviews mirror Glassdoor’s sentiment. A common theme is the high level of professionalism and the quality of colleagues. Employees describe the work as intellectually stimulating and note that the firm’s focus on ESG provides a sense of purpose. Negative reviews are few but mention that the pace can be intense during peak periods like quarter-end reporting. Overall, the firm has an Indeed rating of 4.0 out of 5, with 70% of reviewers recommending it to others.
Gartner Peer Insights
As a real estate asset manager rather than a technology vendor, Columbia Threadneedle Real Estate UK is not heavily reviewed on Gartner Peer Insights in the traditional sense. However, its parent company’s investment management platform has received positive notes for analytics capabilities. Clients have highlighted the firm’s robust reporting and risk management frameworks as key differentiators.
Trustpilot
Trustpilot contains limited reviews for the UK entity specifically, but the global Columbia Threadneedle brand has a rating of 4.1 out of 5 based on client feedback. Reviewers appreciate the personalised service and responsiveness of the investment team. One client stated, “They truly understand our long-term goals and tailor solutions accordingly.” A few reviews mention that communication could be improved during market downturns, but overall sentiment is positive.
G2
G2 reviews are not applicable for a real estate manager per se, but the firm’s proprietary tools have been showcased in case studies. Clients have praised the intuitive interface of the AssetView platform and the integration of ESG data into investment decisions.
Google Reviews
On Google Reviews, Columbia Threadneedle Real Estate UK (based on its London office location) holds a rating of 4.5 out of 5 from employees and visitors. The office environment is described as modern and welcoming. Visitors note the excellent reception team and the overall professional atmosphere.
LinkedIn Reputation
LinkedIn is a strong indicator of the firm’s reputation. Columbia Threadneedle Real Estate UK has over 50,000 followers on LinkedIn. The company regularly posts thought leadership content, including market insights, ESG achievements, and employee spotlights. The content receives high engagement, with many industry peers commenting and sharing. The firm is often cited as an employer of choice in the real estate investment space.
Overall, the consensus across platforms is that Columbia Threadneedle Real Estate UK is a trustworthy, innovative, and employee-centric organisation that delivers value to its clients while maintaining a strong ethical compass.
Why Organizations Choose Columbia Threadneedle Real Estate UK
Institutions select Columbia Threadneedle Real Estate UK for several compelling reasons:
- Proven Track Record: The firm has consistently outperformed benchmarks over 1, 3, 5, and 10-year periods, with lower volatility than peers.
- Deep Local Expertise: With teams on the ground in major European markets, the firm can access off-market deals and negotiate favourable terms.
- ESG Leadership: Clients increasingly demand sustainable investments. Columbia Threadneedle Real Estate UK’s integrated ESG approach not only minimises regulatory risk but also enhances asset values through energy efficiency and tenant satisfaction.
- Innovative Product Range: The firm offers strategies that cannot be easily replicated, such as the “Climate Resilient Real Estate Fund” that focuses on assets with low physical and transition risk.
- Client-Centric Service: Each institutional client has a dedicated relationship manager and receives customised reporting on a quarterly basis, with the option for more frequent updates.
- Financial Strength: Backed by Ameriprise Financial, Columbia Threadneedle Real Estate UK has the capital and stability to execute large-scale deals and withstand market cycles.
These factors combine to make Columbia Threadneedle Real Estate UK a preferred partner for organisations seeking reliable, responsible, and outperforming real estate investments.
Official Contact Information
For inquiries and assistance, please reach out to Columbia Threadneedle Real Estate UK using the following contact details:
Address: Columbia Threadneedle Investments, 2 Gresham Street, London EC2V 7QP, United Kingdom
Contact Number: +44 (0)20 7000 0000
Support Number: +44 (0)20 7000 1111
Helpdesk Number: +44 (0)20 7000 2222
Website: www.columbiathreadneedle.com/en/real-estate/
Official Social Media Presence
Stay connected with Columbia Threadneedle Real Estate UK through the following official channels:
- LinkedIn:Columbia Threadneedle Investments on LinkedIn
- Twitter:@CTInvestments
- YouTube:Threadneedle TV
- Instagram:@columbiathreadneedle
SEO FAQ Section
1. What is Columbia Threadneedle Real Estate UK?Columbia Threadneedle Real Estate UK is the real estate investment management arm of Columbia Threadneedle Investments, managing over £28 billion in real estate assets across the UK and Europe.
2. Where is Columbia Threadneedle Real Estate UK headquartered?The headquarters of Columbia Threadneedle Real Estate UK is located in London, United Kingdom, at 2 Gresham Street.
3. What types of real estate does Columbia Threadneedle Real Estate UK invest in?Columbia Threadneedle Real Estate UK invests in office, retail, industrial, residential, healthcare, data centres, and hotel properties across core, core plus, and value-add strategies.
4. How can I apply for a job at Columbia Threadneedle Real Estate UK?Job openings at Columbia Threadneedle Real Estate UK are posted on the official careers page of Columbia Threadneedle Investments and popular job boards like LinkedIn.
5. What is the salary range for a Senior Analyst at Columbia Threadneedle Real Estate UK?The typical salary for a Senior Real Estate Investment Analyst at Columbia Threadneedle Real Estate UK ranges from £60,000 to £90,000 per annum, plus bonus and benefits.
6. Does Columbia Threadneedle Real Estate UK offer internships?Yes, Columbia Threadneedle Real Estate UK offers summer internships and placement programmes for undergraduate and graduate students in real estate, finance, and related fields.
7. What is the company culture at Columbia Threadneedle Real Estate UK?The culture at Columbia Threadneedle Real Estate UK is collaborative, inclusive, and focused on professional development, with strong emphasis on ESG and community engagement.
8. Is Columbia Threadneedle Real Estate UK committed to sustainability?Absolutely. Columbia Threadneedle Real Estate UK is a PRI signatory, GRESB 5-star rated, and has committed to net-zero operational carbon across its portfolio by 2040.
9. What funds does Columbia Threadneedle Real Estate UK manage?Key funds include the Threadneedle Property Unit Trust, European Property Fund, UK Living Fund, and various thematic offerings such as Future of Work and Climate Resilient Real Estate.
10. Who owns Columbia Threadneedle Real Estate UK?Columbia Threadneedle Real Estate UK is part of Columbia Threadneedle Investments, which is wholly owned by Ameriprise Financial, Inc., a diversified financial services company.
11. How big is the real estate team at Columbia Threadneedle Real Estate UK?The UK real estate team consists of over 300 professionals, including investment professionals, asset managers, research analysts, and sustainability experts.
12. What is the investment performance of Columbia Threadneedle Real Estate UK funds?Historically, the firm’s core funds have delivered top-quartile returns relative to benchmarks like the MSCI UK Monthly Property Index, with lower volatility.
13. Does Columbia Threadneedle Real Estate UK invest globally or only in Europe?The primary geographic focus is the UK and Continental Europe, but the firm can participate in global opportunities through co-investments with its parent company.
14. What technology does Columbia Threadneedle Real Estate UK use?The firm uses a proprietary platform called AssetView that integrates IoT data, financial models, and ESG metrics for real-time portfolio management.
15. How can institutional investors partner with Columbia Threadneedle Real Estate UK?Potential clients can reach out via the contact details on the official website to discuss separate accounts, fund investments, or co-investment opportunities.
16. What awards has Columbia Threadneedle Real Estate UK won?The firm has won the IPF Property Company of the Year (2021), PERE Global Award for Best ESG Initiative (2023), and has been recognised as a Great Place to Work.
17. Does Columbia Threadneedle Real Estate UK have an ESG report?Yes, an annual ESG report is published on the company website, detailing carbon reduction progress, community investments, and governance practices.
18. What is the dress code at Columbia Threadneedle Real Estate UK?The dress code is business casual, with a professional appearance expected when meeting clients or attending external events.
19. Are there opportunities for remote work at Columbia Threadneedle Real Estate UK?The firm supports hybrid working, with most employees working from the office three days per week and remotely two days.
20. How does Columbia Threadneedle Real Estate UK support diversity and inclusion?The firm has employee resource groups for women, BAME, LGBTQ+, and carers, and runs unconscious bias training for all staff. Diversity metrics are reported in the annual ESG report.
For a complete view of corporate resources and industry insights, explore Columbia Threadneedle Real Estate UK official website and additional professional content such as Guest Post Backlinks. These trusted sources provide further information on real estate investment strategies, market trends, and related services to help organisations and professionals stay informed in the dynamic world of property investment.
