Commercial listed property is a complex, yet potentially lucrative asset class to invest in. South Africa’s property index delivered average returns of 34% for 2006/7 and was rated best performer internationally. While many of the funds in the sector as still forecasting excellent yields, some are struggling to survive in the current, difficult economic environment. The main objective of this study was to enter the realm of the property fund manager in order to gain a better understanding of the underlying assets, the macro-economic challenges, portfolio risks and investment valuation criteria. A qualitative research study was done with decision makers within the listed property environment using investment case studies covering the retail, office, industrial and hotel sectors. The results of the research were developed into a framework providing insight into the investment valuation process and portfolio strategies employed by some of the leading funds and which can be used as a decision-model for potential investors.