The latest rage for European institutional investors to diversify their real estate risk is to invest in unlisted property funds. In fact, according to The Wall Street Journal, the vehicles – which last year returned a hunky 17.1% – got their own index, the European Association for Investors in Nonlisted Real Estate Vehicles, courtesy of Inrev, a not-for profit group based in Amsterdam. About seven of 10 unlisted funds in Europe typically allocate to two asset classes. The rest go solely to retail properties (10%), offices (10%), industrial properties (3%) and other properties (7%). According to Inrev, more than one-third are considered “core funds” while 19% are value-added, 12% are opportunistic and the other 33% are open-ended funds.