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The Top 100: Real Estate Investors 2018

May/June 2018 (Magazine)

IPE Real Assets’ top 100 ranking of some of the world’s largest real estate investors has captured more than $1.23trn (€1.01trn) in real estate assets held by pension funds, sovereign wealth funds and other institutional capital owners.

It was based on IPE Research survey data and publicly available information, predominantly in the form of annual reports. Where accurate numbers were not available, estimates have been made. Some investors have not been included owing to a lack of information. 

The top three highlight the diversity of the world’s largest real estate investors today: a Middle Eastern sovereign wealth fund, a European pension fund manager and a global insurance company.

Our survey shows that, on average, investors are below their target allocations – but by only 130bps. Most have either increased (33%) or maintained (51%) their allocations in the past 18 months.

Most investors (59%) expect to invest the same amount of capital in real estate over the next 12 months as they did in the past 12-month period. Only 15% expected to decrease its activity.

In terms of investment intentions, investors are favouring European markets, followed by North America. Industrial and logistics markets are also top of the list, ahead of residential and offices. Core and value-add strategies are in poll position in terms of strategies deemed most attractive in the current market environment.

 InvestorCountryReal Estate AUM ($’000s)Total Assets ($’000s)
1Abu Dhabi Investment AuthorityUAE62,100,000828,000,000
2APGNetherlands48,154,100568,985,000
3AllianzGermany41,805,400796,100,000
4AXAFrance40,128,400911,969,000
5Qatar Investment AuthorityQatar35,000,000335,000,000
6Canada Pension Plan Investment BoardCanada34,094,200268,531,000
7CalPERSUS30,540,000352,570,000
8Swiss LifeSwitzerland28,623,300217,957,000
9PGGMNetherlands27,550,900261,134,000
10CDPQCanada27,323,100237,783,000
11CalSTRSUS26,600,000225,000,000
12GeneraliItaly26,400,000542,000,000
13Government Pension Fund GlobalNorway26,399,9001,032,640,000
14GICSingapore25,130,000359,000,000
15TemasekSingapore23,999,100197,066,000
16National Pension ServiceSouth Korea23,220,700582,446,000
17Ontario Teachers’ Pension PlanCanada22,957,600189,847,000
18PrudentialUK22,256,500666,388,000
19China Investment CorporationChina21,557,750813,500,000
20NYSTRSUS20,500,000121,000,000
21British Columbia Investment CorpCanada19,005,300102,861,000
22Bayerische VersorgungskammerGermany17,968,00086,315,700
23Teacher Retirement System of TexasUS17,500,000146,000,000
24Washington State Investment BoardUS16,200,000104,000,000
25The Crown EstateUK15,911,10018,524,700
26PSP InvestmentsCanada15,458,30099,503,200
27AvivaUK14,566,500597,237,000
28Florida State Board of AdministrationUS14,200,000211,000,000
29Cathay LifeTaiwan14,100,600171,814,000
30AIMCoCanada14,000,000101,000,000
31MetLifeUS13,900,000898,764,000
32NYSCRFUS13,500,000209,100,000
33Healthcare of Ontario Pension PlanCanada13,400,00077,400,000
34MEAG Munich ERGOGermany13,176,500302,461,000
35Standard Life AberdeenUK13,152,600267,276,000
36MNNetherlands12,577,600153,327,000
37OMERSCanada12,347,20078,810,900
38Zurich Insurance GroupSwitzerland12,000,000207,261,000
39ManulifeCanada11,948,900266,221,000
40AMFSweden11,395,30072,522,500
41BpfBouwNetherlands10,181,80067,918,900
42Ohio STRSUS9,800,00078,800,000
43Legal & GeneralUK9,592,270682,491,000
44PFADenmark8,797,55098,931,000
45Hong Kong Monetary AuthorityHong Kong8,381,620466,624,000
46North Carolina Retirement SystemsUS8,300,00098,200,000
47Alecta PensionsförsäkringSweden7,883,99099,288,900
48AustralianSuperAustralia7,804,880130,000,000
49Ohio PERSUS7,600,00086,700,000
50Oregon PERFUS7,600,00077,300,000
51MigrosSwitzerland7,350,42024,580,500
52=ATPDenmark7,300,000128,167,000
52=Virginia Retirement SystemUS7,300,00078,300,000
54BT GroupUK7,222,97062,391,500
55New Jersey Division of InvestmentUS7,200,00077,500,000
56IlmarinenFinland7,127,29054,892,100
57Alaska Permanent Fund CorporationUS7,086,80064,481,000
58Illinois Teachers Retirement SystemUS7,000,00049,900,000
59Michigan Retirement SystemUS6,960,00069,900,000
60State of Wisconsin Investment BoardUS6,400,000100,300,000
61LACERAUS6,200,00055,600,000
62Future FundAustralia6,130,160102,297,000
63AMP SuperannuationAustralia6,106,020130,389,000
64Mass PRIMUS6,100,00071,700,000
65Pennsylvania SERSUS5,723,00055,257,000
66Korea Investment CorporationSouth Korea5,700,000110,800,000
67SamsungSouth Korea5,681,920219,372,000
68Pennsylvania PSERSUS5,550,00055,900,000
69Kanton ZürichSwitzerland5,304,58029,859,200
70AP1Sweden5,200,00040,300,000
71Employees Provident FundMalaysia5,168,250178,511,000
72EnpamItaly5,162,44018,964,100
73Danica PensionDenmark4,825,51068,683,100
74AP2Sweden4,623,92042,089,800
75QsuperAustralia4,561,61072,978,000
76AP3Sweden4,538,74042,004,600
77VarmaFinland4,314,70054,393,800
78NN GroupNetherlands4,290,750271,989,000
79Maryland SRPSUS4,255,20051,875,300
80Swiss RESwitzerland4,090,00011,580,000
81TCRSUS4,049,44646,238,788
82Colorado PERAUS3,922,62643,649,362
83General MotorsUS3,634,00061,622,000
84ASGA PensionkasseSwitzerland3,518,24016,291,500
85AP4Sweden3,516,61043,391,800
86Alberta HSTFCanada3,508,19014,940,100
87PKADenmark3,458,28044,233,900
88Arizona State Retirement SystemUS3,411,33638,389,061
89EloFinland3,368,39027,614,300
90Coal Pension TrusteesUK3,362,42025,903,100
91BVVGermany3,319,28037,385,300
92Ontario Pension BoardCanada3,248,38018,077,100
93SunsuperAustralia3,222,93035,748,000
94CbusAustralia3,218,33030,768,700
95Hanwha LifeSouth Korea3,168,000128,151,000
96Missouri PSRS/PEERSUS3,157,69041,957,562
97Royal Bank of ScotlandUK3,132,67060,241,100
98HostplusAustralia3,123,08024,260,500
99Pension Benefit Guaranty CorporationUS3,114,000108,458,000
100Wellcome TrustUK3,006,57034,513,900

 investor survey results

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