||There are a number of articles already published that include discussion on the characteristics of property and infrastructure (see Davis 2009, Peng and Newell 2007, Finkenzeller et al 2010, Bitsch, et al 2010). At an asset specific level there appear many more similar individual characteristics of property and infrastructure than there are material differences. Despite this, the vast majority of academic opinion sides on the view that the two asset classes are different. Investor behaviour also now places these assets under the care of different management teams. This research offers some alternative views that add to the current thinking. This paper argues that a definitive classification of the risk reward characteristics of infrastructure cannot yet be made, and will in all likelyhood never be able to be statistically quantified without adjustments to base data. Further, amalgamating a large number of investments with very different attributes might be a convenient data source for research, but is sub-optimal from an academic and practical point of view.