Wealth accumulation is a frustrating business. Whether you prefer cash, bonds, property or equities it takes time to grow your assets. And society knows it. Until recently the concept of ‘old’ money was a cornerstone of Western culture. You were either born with the silver spoon in your mouth, or destined to be working or middle class for life. Since the dawn of the Industrial Revolution this class structure has gradually eroded. Nowadays anyone can enter the world of the super rich. For some, like Bill Gates and his information technology peers, this transition can happen in the blink of an eye. For the rest, we suggest repeating the mantra: Rome wasn’t built in a day.

This phrase is particularly relevant to the world of commercial property development. It can take years to nurse an office block, industrial park or shopping centre from drawing board to real-world structure. Developers must overcome countless obstacles including planning permissions, environmental impact assessments, construction cost escalations and, most important, secure project finance. Implementing a major project is even more difficult in the developed world. Can you imagine building a shopping centre the size of Sandton City in the heart of London, for example? We’ve heard experts say it would take more than three decades to achieve this feat even if you had the requisite financial backing and a wealth of property development experience.

So what should you do if you want to become the next ‘big shot’ commercial property baron? The short answer is to enter the industry through an equity investment. You need to root out the best value in the sector and begin channelling your spare cash into a company with top class commercial property assets.

Luck is on our side, because South African investors have easy access to one of Europe’s finest commercial property companies. Shares in Liberty International (JSE: LBT) can be bought and sold on the local stock exchange. The company was established in the early 1980s by South African insurance tycoon, Donald Gordon. Since then, management has worked tirelessly to establish the brand as one of the leading commercial property owners and developers in Britain. Companies in the Liberty stable include Capital Shopping Centres (the market leader in regional shopping centres), Capital & Counties (which houses the group’s non-shopping centre and international assets) and the recently established Construction and Development division (to take advantage of synergies arising from CSC and Capco).

CSC’s regional shopping centre portfolio runs to some 12.6 million square feet and is valued at £6bn. The division includes 14 completed shopping centres, eight of which rank among the top 21 centres in the UK. Income is derived from tenants at more than 2 021 stores which attracted approximately 225m customer visits per year. Capco’s portfolio of non-retail and international properties was recently valued at £1.95bn with the bulk of these assets in the Central London district. Capco continues to develop, enhance or dispose of these assets as it sees fit.

Is it a good time to add to your offshore property exposure? Let’s answer this question in two parts. Our first observation is that commercial property companies rely on rental income to survive. As the UK recession deepens we expect more corporate failures – an increase in office and retail vacancies – and an accompanying decline in rental incomes at Liberty and its peers. This means the short-term outlook for Liberty and similar companies is rather downbeat. The second observation is that the market has largely discounted these economic concerns. Shares in Liberty International are changing hands more than 63% down on their 12-month high. If you agree that developed UK-property is a scarce commodity then accumulating shares in Liberty International at current levels is a no-brainer! Just remember – investing in property is a long-term pursuit.