This paper seeks to provide a better understanding of the performance implications for investors who choose to combine listed real estate with an unlisted real estate allocation. Specifically, it provides a detailed investor level analysis of the impact of combining UK unlisted fund and global listed real estate fund exposures to satisfy the requirements of a real estate allocation in a UK Defined Contribution Pension fund. The catalyst for this paper was the recent report by the Pensions Institute: “Returning to the core: rediscovering a role for real estate in Defined Contribution pension schemes”. This highlighted both the rationale for real estate in DC funds, and specifically, the use of a blended product, which combined a 70% UK unlisted allocation with a 30% global listed allocation, to provide this exposure. We call this 70/30 mix a DC Real Estate Fund.