Listed property is all about the annuity income streams (dividend is not the right word here). The capital expansion is an added bonus. And from that perspective, I am not that impressed with PPXSPY it has a 5% income stream vs 8.5% that I am getting from Redefine. The purpose of PPXSPY as well as a unit trust, is to enable you to spread your risk across multiple schemes, but I think that this type of diversification is pointless, when it comes to listed property. Unit trusts have their place for stocks, but there are only a handful of listed property stocks to chose from anyway, and diversification = watered down annuity income, and unnecessary management fee overhead. My advise would be to chose 2 (max 3) listed property stocks and invest direct. From this perspective, you can't really go wrong with Growthpoint and Redefine (although, in hindsight, I would rather be with Growthpoint - as I only own RDF!!)