Investors are becoming cautious after shares have performed so well.

The U.S. has been a graveyard for U.K. retailers, so investors are a little cautious. It could be that it wants to a get a flavor for the market through a small operation and then make a massive acquisition to get instant size.

The shares have reacted to an outlook that was more cautious than anticipated.

Equity valuations are still appealing. We think investors are too cautious.

We're cautious, considering how well real estate funds have performed since the beginning of 2000. As much as some of the fundamentals look to be improving in real estate sub-sectors - for example, we've had sustained job growth, and that leads to greater demand for office and apartment space - we think price appreciation has largely outstripped the rate of change.

The other side of the coin is that many investors are getting in. I personally have around 11 million shares and I'm keeping them -- in good as in bad times.