As those before have done, and those after will, I set off into the unknown. A year spent drifting from ait to ait, warm one minute, cold the next. I was then fortunate to be given the opportunity to visit an American business school where I was promptly introduced to both the meaning and pronunciation of the word, finance. If anything may be drawn from that experience, it was that real estate should be treated as any other asset class, being one, and the same. In my callowness, however, I planted many a question.

I would like to express my gratitude to Professors Robert H. Edelstein and Kenneth T. Rosen for the opportunity and privilege of visiting the Center for Real Estate and Urban Economics, Walter A. Haas School of Business, University of California at Berkeley, USA. My year there did much to shape this thesis.

I cannot render adequate thanks to my supervisor, Professor Charles W. R. Ward. For his guidance and direction I will always be indebted. My sincere thanks are also due to Dr. Richard J. Barkham. I owe much to his informed influence and suggestions over

the last three years. I wish to record my warm thanks to Professor Andrew E. Baum, Dr. Chris Brooks, Pierre Colin-Dufresne, Dr. Stephane Deo, Professor Alan W. Evans, Professor Nils H. Hakansson and Dr. Geoff P. Meen, all of whom gave me invaluable observations and suggestions.

I owe a huge debt of gratitude to Ian Macavoy, whose advice, countenance and above all patience have been invaluable.

Finally, to Stefano Magrini, without whose friendship the last three years would have been very different. Nobody bears any responsibility for the final outcome other than myself. Financial support from the Institute of Business and Economic Research at the Walter A. Haas School of Business, University of California at Berkeley, Boots Properties plc and Polofreak Limited are all gratefully acknowledged.