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This paper considers the impact of the recent minimum funding legislation on UK Pension Funds and how this may change the way in which property investment is regarded. The principles of investment diversification are re‐examined in the light of the MFR “matching” asset classes and the historic relationships between UK property and other asset classes are considered in some detail. Finally, the traditional “peer” approach to strategy adopted by many UK Pension Funds is critically examined to determine its continuing validity in the new minimum funding environment. These results are then extended to see what types of fund may find it appropriate to increase their property weightings.

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