During a prolonged period of uncertainty and economic disturbance – which is far from over, if more recent events are anything to go by – real estate investors have recovered some confidence and vigor.

In our 2021 ranking of the 100 largest real estate allocators, total capital invested had risen by only $90 billion in the prior 12 months. But in our 2022 ranking, that figure has increased by $200 billion to stand at $1.69 trillion. 

To keep portfolios strong post-pandemic, it has been necessary for many investors to change tack in the storm. And while some industry stalwarts may still be finding their footing on this new ground, change also brings opportunity for many. It therefore comes as no surprise that the top 10 largest allocators have had a significant shake-up in the past year, with two new entrants and yet another new name at the top.

After joining the illustrious top 10 back in 2016, Munich-headquartered insurer Allianz Real Estate has now moved into pole position, adding almost $5 billion to its total in the year to December 2021. Indeed, APG Asset Management’s time at the top was short lived, as the Dutch public pension giant’s allocation increased by only $698 million, leaving Allianz with plenty of space to overtake. 

There may be two European institutions at the very top of the GI 100, but Europe was the only region to record a decline in combined capital from last year, of almost 1 percent. European institutions have retained the largest share of total equity, at 36 percent, but North American investors are hot on their heels after capital allocations grew by 15 percent to a 35 percent share.