This module seeks to provide a practice-oriented understanding of the evolution of the REIT and property funds as vehicles for real estate investment. It delves into the motivations for creating a REIT and the institutional regimes such as taxation and other regulations that influence how a REIT operates. In addition, it studies the formation of business trusts and property funds to determine the relative merits for sponsors and investors. Topics to be covered include practical issues in property fund management for institutional and high net worth clients; establishing and managing a property fund management; fees of REIT managers; role of sponsors; interested-party transactions; internal versus external management structure. It will also examine the growth strategies of REITs, i.e. organic growth and accretive acquisitions and capital management strategy to drive the development of investment vehicles such as trusts and funds.