Real estate assets under management totaled €3.2 trillion ($3.55 trillion) as of Dec. 31, an increase of 15.7% from a year earlier, according to the INREV/ANREV/National Council of Real Estate Investment Fiduciaries Fund Manager Survey 2020.
According to the survey of 140 managers in North America, Europe and the Asia-Pacific region, the top 10 managers accounted for about 40% of the overall total, each reporting at least €85 billion in AUM.
Blackstone Group led the list with AUM of almost €250 billion, followed by Brookfield Asset Management at €180 billion and PGIM Real Estate at €159 billion.
Despite the high percentage of the total AUM across the top 10 managers, an INREV news release announcing survey results said medium and smaller managers' AUM grew significantly at 18.6% and 11.5%, respectively, for the year ended Dec. 31.
Non-listed real estate still takes up the biggest share of real estate AUM, according to the survey. The AUM for non-listed accounts totaled €2.6 trillion, or 82.2% of the total, as of Dec. 31. Non-listed accounts in Europe make up 90% of the AUM in that region, while non-listed accounts take up 79.3% of the AUM in that region and 71.2% of the total AUM in Asia-Pacific is non-listed.
The trend for market consolidation also continues, according to the news release. As of Dec. 31, 20% of respondents have been involved in mergers-and-acquisition activity in the past decade.
"The scale and prominence of the largest managers continues apace, but growth across the board is impressive," said Henri Vuong, director of research and market information at INREV, in the news release. "And behind the numbers there are some interesting stories to tell. The investor/manager hybrid is clearly making its presence felt and we could see much more of this in the future. Likewise, appetite for consolidation shows no signs of abating and will likely only accelerate in the current market conditions."
The full report is available to members on the INREV website.
Johlyn da Prato, INREV spokeswoman, was not available to provide further information.
