Property as an asset class is in a period of transition. The establishment of indices throughout Europe adds transparency and expectations of increasing sophistication. Also, changes in the legal framework create new ways to gain exposure to real estate. We first discuss the various equity real estate investment vehicles, highlighting the pros and cons of each type of vehicle for an institutional investor. We then turn to analyzing the impact that these changes are likely to have on real estate markets. Last but not least, we discuss the impact these changes have on the ability to manage the equity real estate exposure of a portfolio.