In October 2010, Henderson Global Investors published a research report on what it called the “investment timing paradox”. The investment manager argued that European real estate investors should consider moving up the risk curve to benefit from a risk premium that had arisen as a result of everyone flocking to the safety of core property. “We should see investors starting to deploy capital strategically in order to benefit from the new cycle [that is] emerging,” the report stated. “This is not, however, what we witness in Europe’s property investment markets, where investors and lenders still operate in risk-aversion mode, almost exclusively focusing on core assets.”