Our History

Founded in the early 1970s as the Association of Property Unit Trusts (APUT), AREF began as an informal forum for property unit trust (PUT) managers to share insight, discuss industry challenges and build relationships. Over time, its role evolved significantly in response to regulatory change and the growing complexity of the real estate investment market.

By the mid-1980s, AREF had formalised its purpose: representing the interests of its members, promoting real estate funds, and engaging with government and regulators on issues affecting the sector. These principles remained central to its work throughout its history.

Following the recession of the early 1990s, AREF played a key role in restoring confidence in real estate as an investment. It led efforts to improve transparency, governance and communication, culminating in the launch of the Code of Practice in 1997 to set standards across the industry.

A major milestone came in 2000 with the launch of the Pooled Property Fund Index, which went on to become the MSCI/AREF UK Quarterly Property Fund Index, providing a robust and independent benchmark for fund performance. A few years later, the Property Fund Vision Handbook was launched, improving transparency by providing easy access to data on UK property fund performance, investment flows, and market trends. Alongside this, the organisation expanded its membership and outputs, reflecting a more diverse and increasingly sophisticated investment landscape.

Renamed the Association of Real Estate Funds (AREF) in 2006, it continued to evolve, broadening its membership, strengthening its governance frameworks, and increasing its influence in policy and industry standards. An important part of this has always been building and strengthening relationships within the UK property fund sector. For over 25 years AREF held its Annual Dinner & Awards which became a highlight in the real estate social calendar. 

In recent years, AREF further strengthened its role as a convenor for the industry through the launch of flagship events, including the FutureGen Conference in 2023 and the inaugural Members Conference in 2024.

Today, AREF’s legacy forms an important part of RE:UK, bringing together decades of work to improve transparency, governance and performance across the real estate funds sector.

Founded in 1963, the British Property Federation (BPF) worked with a wide range of stakeholders to help create the right policy and regulatory environment for the real estate sector to grow and support the UK’s wider priorities - including economic growth, housing delivery, net zero and the regeneration of town centres and high streets.

Over more than 60 years, the BPF built a reputation as a trusted and constructive voice, acting as a critical friend to government at all levels. Its advocacy was extensive, with hundreds of engagements each year with parliamentarians, ministers and officials, helping to shape policy and represent the interests of the industry.

Alongside its policy work, the BPF played a central role in sharing best practice and keeping members informed. It delivered a comprehensive programme of communications and events, hosting over 100 events annually and maintaining a strong presence at major industry gatherings.

In 2007, the BPF established the Scottish Property Federation as the voice of the real estate sector in Scotland, reflecting the devolution of many key real estate policy areas to Holyrood. Ahead of the launch, the BPF collaborated with the Scottish Commercial Development Forum, which became a key constituent of the newly formed SPF. For nearly two decades, the SPF built strong relationships with the Scottish Government, Scottish Parliament and wider public sector, and created a successful network of regional and national events across Scotland. Maintaining its distinct brand following the merger, the Scottish Property Federation will rebrand as Real Estate:Scotland following the Scottish Parliament elections.

A further BPF expansion came with its merger with the UK PropTech Association (UKPA) in 2023, a membership body set up to drive digital transformation within the property industry by promoting engagement between PropTech and property businesses, and creating an environment conducive to PropTech innovation.

Together, these milestones reflect the BPF’s evolution from a long-established national trade body into a broader platform for the real estate sector. Its legacy of policy influence, member engagement and industry leadership now forms a core part of Real Estate:UK, bringing decades of experience and trusted relationships into a new, united voice for UK real estate.

The Investment Property Forum (IPF) was established in the late 1980s, following the ‘Big Bang’ reforms that transformed the UK’s financial and investment markets. It brought together professionals from across the commercial real estate investment sector to improve understanding of property as an investment and support a more informed, efficient market.

Over nearly 40 years, the IPF became a respected forum for research, education, networking and debate. Its work helped to strengthen the role of real estate within wider investment markets, covering public and private markets, debt, equity and derivatives.

A core part of the IPF’s contribution was its independent research programme. What began with one-off publications grew into a substantial body of work, including the UK and European Consensus Forecasts, major reports on topics such as inflation, depreciation and long-term investment performance, and shorter papers on emerging issues. This research provided valuable insight for members and helped inform engagement with government and regulators on issues including UK REITs and institutional investment in residential property.

Education was another important part of the IPF’s legacy. Its programme of seminars, webinars and regional events helped members stay informed and share expertise across the market. The launch of the IPF Diploma in Property Investment in 1999 marked a significant step in formalising professional education in real estate investment. The Diploma later became part of the University of Reading’s part-time MSc Real Estate Investment and Finance, with the IPF Certificate recognised by the FCA as an appropriate exam for certain investment activities.

The IPF also played an important role in building connections across the sector. Its conferences, annual lunches, regional events and Future Leaders programme created valuable opportunities for networking, discussion and debate, helping to strengthen relationships across the real estate investment community.

Today, the IPF’s legacy forms an important part of Real Estate:UK, bringing deep investment expertise, a strong research tradition and a long-standing commitment to professional knowledge, education and industry connection.