UK commercial property has been a cornerstone asset for many income-seeking investors (both retail and institutional) in recent decades, particularly since the global financial crisis of 2007/8 and the resulting ultra-low interest rate environment. However, since rates began to rise in 2022 to tackle surging inflation, meaningful returns have once more become available on lower-risk assets such as cash and government bonds, which has led to a retrenchment from alternative income assets such as property. With the majority of funds using debt finance to fund property purchases, the rise in interest rates has also increased borrowing costs for many players. In the open-ended (PAIF) sector, the result has been restrictions on withdrawals, the closure of some funds, and questions over the suitability of a structure offering daily liquidity while holding illiquid assets. Meanwhile, in the closed-ended (REIT) sector, many funds that had previously traded on appreciable premiums to NAV because of their attractive yields have fallen to wide discounts.