collective investment vehicle which owns a portfolio of real property, thus providing for a wider spread of ownership. Listed property trusts are quoted on the stock exchange, and their prices fluctuate with supply and demand, as with equity investments. Un listed property trusts are transacted directly with the trust's manager, who fixes the prices in relation to the established asset backing of the trust, with adjustments for expenses.

A property investment vehicle that in the ordinary course of business invests in commercial office buildings, retail shopping centres, industrial buildings and other investment property for the purpose of earning a rental income and long-term capital growth for investors.

A collective investment fund which invests in a real estate assets usually in a passive manner in contrast with real estate development.