The words "core", "discipline" and "safety" have become mantras in the current low-growth real estate cycle, but the lack of traditional investments is spurring interest in alternatives such as service stations and Shariah-compliant funds.

"The service station business is one that many investors didn't understand but everyone has visited a gas station or a convenience store," Margaret Kennedy, the managing director of the new $1.6 billion Viva Energy REIT, said at the APREA Asia Pac Leaders Summit in Hong Kong last month.