Fri, 01/08/2014 - 14:30
Blackstone Group has replaced Brookfield Asset Management as the largest fund manager in the INREV/ANREV 2014 Fund Manager survey.
CBRE Global Investors topped the list in 2011.
Blackstone has EUR78.6 billion of real estate (AUM), while Brookfield Asset Management, which hit the top spot in 2012, is second with EUR78.3 billion AUM. However, Brookfield is still the largest fund manager in the US with EUR66.7 billion AUM.
CBRE Global Investors is the third largest fund manager overall with EUR64.7 billion AUM.
The largest fund manager in Europe is AXA Real Estate with EUR47.4 billion AUM and Mapletree Investments is the largest fund manager in Asia with EUR14.1 billion AUM.
The majority of funds by number are European vehicles (60.4 per cent), while 21.7 per cent target North America and 13 per cent have an Asia Pacific strategy.
The majority of real estate AUM is held in non-listed real estate at 51.5 per cent. The share of non-listed debt products has increased from 2.8 per cent (2012) to 3.2 per cent (2013). The share of separate accounts investing in both direct and indirect real estate accounts has increased from 20.3 per cent (2012) to 23.4 per cent (2013).
The top 10 fund managers for non-listed direct real estate vehicles manage EUR386.3 billion, which equates to 38 per cent of the total value of the overall sample. Blackstone Group is the largest fund manager in this category managing a total of EUR72 billion, followed by AXA Real Estate which manages EUR42.4 billion.
Institutional investors represent 87.4 per cent of the client base for non-listed direct real estate vehicles, while 9.3 per cent are retail investors and 3.4 per cent co-investment managers.
Of the institutional investors, 50.4 per cent are pension funds and 13.6 per cent are insurance companies. Sovereign wealth funds represent 7.7 per cent.
Some 45.3 per cent of investors are from Europe, while 39.9 per cent are from North America and 14.2 per cent are from Asia Pacific
“The top of the tree has shifted again, but there isn’t much between the leading performers. There is a clear battle for domination at the top, with both the Blackstone Group and Brookfield managing total assets worth at least 50 per cent more than any other firm outside the top three. Although the list contains no real surprises, our analysis highlights the diversity of approaches in terms of the breadth of investment vehicle type, geography and risk/return profile,” says Matthias Thomas, INREV chief executive.
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