PERE’s ranking of the industry’s largest investors shows that appetite for the asset class has continued to grow, albeit conservatively, despite the backdrop of the pandemic.
The pension funds, insurers, sovereign wealth funds and other investors that make up this year’s ranking hold just short of $1.5 trillion in real estate assets, up from $1.4 trillion in the 2020 ranking.
The top three leading investors are again APG, Allianz Real Estate and Abu Dhabi Investment Authority (ADIA), but for the first time in the history of PERE’s ranking, ADIA has lost its number one spot. APG has taken that coveted position at the ranking’s summit. The top 10, meanwhile, collectively hold $458.5 billion in real estate. That represents about a third of this year’s GI 100 by exposure, up from the $442.8 billion held by last year’s top 10.
It is also worth noting the regional story in the 2021 ranking: Europe has surpassed North America as property’s regional heavyweight. Total allocations by institutions headquartered in Europe grew by 18.4 percent; North American institutions’ share fell by 5.7 percent.
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