Locked-up returns begin to melt away

Some investors believe the good returns on the long-lease asset cycle, such as in property, are coming to an end

Institutional investors have poured billions into funds offering exposure to long-leased assets in search of yields that trump the negligible returns offered by index-linked gilts.

But some property investors are beginning to think that long-leased assets, which range from 10 to 100 years or more and include supermarket and property developments, ground leases and student housing, are beginning to look expensive.

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