The process of consolidation has gained traction in Europe in the past 12 months, according to the latest edition of PropertyEU's Top 100 Investors. [B]Also, get the latest market intelligence at PropertyEU's [link="Asset Management Investment Briefing"]http://investment-briefings.propertyeu.info/event-calender/?id=92[/link] hosted at Expo Real in Munch (Monday 6 October 17.00 - 17.50[/B]

Last year, one of the key themes of our Top Investors publication was that the Americans had landed with the likes of BlackRock and Brookfield snapping up local players such as MGPA and Gazeley to get a foot in the European door.

BlackRock’s strategic move has translated into a prominent place in our ranking, but US private equity giant Blackstone has made a bigger splash following its takeover of Gouda-based retail developer Multi in 2013, its push into European logistics and its mammoth fund launches. It now ranks second after CBRE Global Investors as one of the biggest US players with a presence in Europe.

While the number of opportunistic investors from the US continues to grow, European heavyweights like BNP Paribas Real Estate and Swiss Life REIM are also taking steps to consolidate their positions on their home turf. French retail REIT Klépierre is likewise poised to significantly expand its assets under management once its takeover of Dutch peer Corio is approved later this year. Further upscaling of the industry is on the cards given the proliferation of partnerships and moves by listed companies to consolidate their operations.

TOP 5
BNP Paribas RE has entered our top 5 this year after boosting its AUM by 38% after its takeover of German fund manager iii-investments. AXA Real Estate continues its dominance at the top of the French – and overall – ranking after lifting its AUM by 5% year-on-year and is on track for a similar rise this year.

With the notable exception of Aviva, all big UK heavyweights saw their assets under management expand in 2013. Aberdeen is set to rise to €27 bn following its takeover of SWIP while the figure for the new joint venture TIAA Henderson Real Estate rises to €18 bn after its official launch on 1-4-2014.

The Italian delegation features most prominently in the ranking for Southern Europe: Italy again boasts four players in the top 100, but only Sorgente saw its AUM rise year-on-year. Portugal provided just one player and Spain none at all, but the recent spate of Spanish IPOs may soon change that situation.

The Austrian contingent consists exclusively of listed companies. All four players have an international presence with a focus on German-speaking countries and Central and Eastern Europe. Immofinanz is also active in Russia. The Vienna-listed company has the broadest base in terms of segments: offices, retail, residential and logistics. Conwert focuses on residential properties, while CA Immo is active in offices and Atrium is a retail specialist.

CBRE GI remains the largest US player in Europe despite seeing its AUM slip again this year by 5% year-on-year. Blackstone is a major winner in the American contingent after a massive push into Europe to pick up distressed assets, loan portfolios and companies in the wake of the global financial crisis.

Each of the top five German players reported a rise in their AUM year-on-year, but the increases were all relatively modest ranging from 1% for Allianz to just under 5% for Commerz Real. Worldwide, however, Allianz has signficantly boosted its direct and indirect real estate investments, from €17 bn in 2008 to €30 bn.

Swiss Life REIM is a newcomer in our ranking this year and is set to virtually double its AUM in 2014. Its recent takeover of German asset manager Corpus Sireo expands its platform to Germany from Switzerland and France and its AUM to €36 bn. Credit Suisse remains the biggest player overall after rising 17% year-on-year.

With the exception of Vasakronan, the Scandinavian delegation consists of comparatively small players with AUM of between €3-5 bn and a strong focus on their own region.

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