Worth a look at this piece in the Guardian as a good case study into how many of the unlisted property funds structure themselves to avoid paying the price of civilisation and to be tax efficient. It’s a difficult moral issue. There’s the standard argument that “It’s legal. Everybody does it and, if we didn’t, somebody else would”. It’s surprisingly hard to refute. Secondly, most of the fund returns are being returned to institutional investors who are often mass savings vehicles. But – it still feels wrong.