For the first time since PropertyEU started publishing its annual Top100 Investors ranking based on assets under management, the top 10 this year are all domiciled in Europe. Real estate investment managers affiliated to insurance companies have in particular increased their clout, accounting for no less than half – or five – of the top 10.
AXA Investment Managers – Real Assets, Aviva Investors and M&G Real Estate all boosted their AUM figures thanks to their growing real estate debt portfolios. AXA IMRA leads the pack in terms of debt with a total European debt portfolio of over €10 bn as at end-2015. This is equivalent to almost 20% of the total real estate portfolio.
Swiss Life takes top spot
Swiss Life is the exception in this group and owes its top position for the second year running to the takeover of German property management company Corpus Sireo in 2014.
Allianz Real Estate entered the top 10 for the first time this year, jumping seven notches to number nine after lifting its European AUM by 24% to €30.2 bn at end-2015.
Another notable winner is the Blackstone Group, which responded to our survey for the first time ever and entered with a splash at number 19 with €23 bn following growth of 52% year-on-year.
Merlin Properties biggest winner in percentage terms
Merlin Properties emerged as the biggest winner in percentage terms of PropertyEU’s annual ranking of Top100Investors based on AUM. The Madrid-based company weighs in at number 72 after trebling its assets under management to €6 bn at 31 December 2015, an increase of 173% year-on-year. The company is set to rise even further in the ranking next year following the completion of its planned merger with Spanish peer Metrovacesa.
Vienna-listed Immofinanz was the biggest loser after seeing its AUM shrink due to the spin-off of its residential and logistics units. The ranking is part of a biannual series: in March we publish our alternating Top100Investors, which is based on the biggest dealmakers in European real estate in the preceding year.
The Top100 Investors publication is available online here for 2016
