Institutionally acceptable leases

The past 15 years have seen a substantial increase in the number of institutions established for the purpose of long‐term investment, and in the size of the aggregate funds available for that purpose. The new investing institutions are mainly pension funds and life offices, and their rise has been due to the introduction and growth of new occupational pension schemes. The same period has seen a marked change in investment policy on the part of almost all investing institutions, so as to give increasing prominence to investment in real property alongside the traditional areas of investment in government securities and in the equity markets. This policy change has been influenced by the concomitant growth of inflation, and the belief that real property offers the best protection against its damaging effects.