28 Mar 2024

The segmentation used in the MSCI/AREF Property Fund Index suite, MSCI AREF Property Fund Digest and MSCI/AREF Property Fund Vision will be changing from Q1 2024. These changes follow consultation with AREF members, contributors and users of the index suite. The changes provide a greater level of granularity on ‘Retail’, ‘Industrial’ and ‘Other’ segments and are more reflective of current portfolio allocations. The changes are outlined below. The changes to the segmentation will be implemented for Q1 2024 results published from April 2024.

Segmentation (New segments indicated)

Standard Retail - South East

Standard Retail - Rest of UK

Shopping Centre

Retail Warehouse

Supermarkets (NEW)

Office – City

Office - West End & Mid-Town

Office - Rest of South East

Office - Rest of UK

Standard Industrial - South East

Standard Industrial - Rest of UK

Distribution Warehouse - South East (NEW)

Distribution Warehouse - Rest of UK (NEW)

Residential excl. Student Accommodation (NEW)

Student Accommodation (NEW)

Hotel (NEW)

Leisure (NEW)

Healthcare (NEW)

Other Property



If you have any enquiries relating to this, please contact us on info@aref.org.uk.


Ed White

Ed White

Head of UK Consultants, MSCI Real Estate

Ed leads the UK Consultant team in MSCI Real Estate and has been with MSCI for 3 years. Ed joined MSCI from Homes England where he was Head of Corporate Strategy and Development for the organisation. Prior to this Ed was part of the founding team at HCA-Investments responsible for building the Management Information Framework and Analytics platforms across debt and equity.

Ed started his career at IPD as an analyst going on to hold various positions within the UK business.