Traditionally, investors have gained exposure to listed property via the Australian listed property trust market. However, the changing Australian property investment environment, combined with greater investment in global property assets, has resulted in the emergence of global property securities as a credible investment choice. Where and how does global listed property fit in a diversified portfolio? The natural step has been to split the allocation with Australian listed property, but there are other alternatives such as substituting a portion of international shares. This paper explores these issues, taking an ex-ante and ex-post approach to the analysis.

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