The future operating model for UK real estate

Developed through a collaboration between Real Estate:UK and Apex, this paper explores how UK real estate fund managers can strengthen resilience and position themselves for growth in an increasingly demanding investment environment. It draws on two industry discussions facilitated by Real Estate:UK: a roundtable involving COOs and other industry leaders, and a webinar introducing a new fund resilience playbook.

Although investment opportunities remain plentiful, fund managers face reduced access to defined-benefit pension scheme capital, greater fee sensitivity and increasingly selective investors. Expectations around transparency, reporting and institutional standards are rising, alongside closer scrutiny of liquidity, valuations and operational resilience.

The paper focuses on the factors managers can control, rather than broader economic pressures. These include effective governance, scalable operations, reliable data, clear investor reporting, appropriate liquidity management and credible technology adoption. Addressing these priorities is increasingly important to managers’ ability to compete and scale.

Through this collaboration, Real Estate:UK and Apex examine how managers may adapt their operating models while maintaining investment discipline and performing effectively under pressure. The central message is that resilience, innovation and operational discipline should create a competitive advantage, perhaps helping managers respond to current market demands and build a stronger foundation for sustainable, long-term growth.