Investing in Real Assets: Infrastructure and Real Estate Event

Overview

RE:UK recently hosted a webinar to explore the findings of the new research report, Investing in Real Assets: Infrastructure and Real Estate, commissioned through the IPF Research Programme and authored by Professor Nick Mansley, Executive Director of the Cambridge Real Estate Research Centre at the University of Cambridge. The research draws on more than 30 interviews with investors, fund managers and advisers responsible for over £3 trillion of real asset exposure. 

Real Estate & Infrastructure

The webinar examined how the traditional boundaries between real estate and infrastructure are becoming increasingly blurred. The research found that investors are moving away from viewing the two as distinct asset classes and are instead focusing on the characteristics of underlying assets, particularly the sources of return, cash flow stability and operational risk. Data centres were highlighted as a prominent example of assets that sit across both real estate and infrastructure, requiring investors to understand both property and operational business risks.

The presentation also explored the growing allocation of capital to infrastructure, driven by demand for long-term income and diversification. However, the research highlighted that infrastructure performance is more varied than often assumed and that investors are increasingly questioning how both real estate and infrastructure contribute to portfolio objectives within a total portfolio approach. Operational expertise, ongoing asset monitoring and a deeper understanding of business risks were identified as becoming increasingly important as real assets become more operationally intensive.

Panel Discussion

Following the presentation, a panel discussion moderated by Tom Leahy, Head of European Real Assets Research at MSCI, brought together Anne Koeman-Sharapova of Marsh (formerly Mercer) and Rob Martin, former Head of Investment Strategy and Research at Legal & General. The panel explored how investors are comparing real estate, infrastructure, private equity and private credit within broader portfolio strategies, the challenges of liquidity in private markets, and whether traditional real estate and infrastructure classifications remain relevant. 


The discussion concluded that investors are likely to place greater emphasis on investment outcomes and asset characteristics, such as income generation, inflation protection and growth potential, rather than conventional asset class labels. As real assets continue to evolve, the research suggests that successful investors will require broader skill sets, improved tools and greater transparency to understand the risks and return drivers across increasingly interconnected real asset markets.