The Top 100: Real Estate Investors 2018
IPE Real Assets’ top 100 ranking of some of the world’s largest real estate investors has captured more than $1.23trn (€1.01trn) in real estate assets held by pension funds, sovereign wealth funds and other institutional capital owners.
It was based on IPE Research survey data and publicly available information, predominantly in the form of annual reports. Where accurate numbers were not available, estimates have been made. Some investors have not been included owing to a lack of information.
The top three highlight the diversity of the world’s largest real estate investors today: a Middle Eastern sovereign wealth fund, a European pension fund manager and a global insurance company.
Our survey shows that, on average, investors are below their target allocations – but by only 130bps. Most have either increased (33%) or maintained (51%) their allocations in the past 18 months.
Most investors (59%) expect to invest the same amount of capital in real estate over the next 12 months as they did in the past 12-month period. Only 15% expected to decrease its activity.
In terms of investment intentions, investors are favouring European markets, followed by North America. Industrial and logistics markets are also top of the list, ahead of residential and offices. Core and value-add strategies are in poll position in terms of strategies deemed most attractive in the current market environment.
| Investor | Country | Real Estate AUM ($’000s) | Total Assets ($’000s) | |
|---|---|---|---|---|
| 1 | Abu Dhabi Investment Authority | UAE | 62,100,000 | 828,000,000 |
| 2 | APG | Netherlands | 48,154,100 | 568,985,000 |
| 3 | Allianz | Germany | 41,805,400 | 796,100,000 |
| 4 | AXA | France | 40,128,400 | 911,969,000 |
| 5 | Qatar Investment Authority | Qatar | 35,000,000 | 335,000,000 |
| 6 | Canada Pension Plan Investment Board | Canada | 34,094,200 | 268,531,000 |
| 7 | CalPERS | US | 30,540,000 | 352,570,000 |
| 8 | Swiss Life | Switzerland | 28,623,300 | 217,957,000 |
| 9 | PGGM | Netherlands | 27,550,900 | 261,134,000 |
| 10 | CDPQ | Canada | 27,323,100 | 237,783,000 |
| 11 | CalSTRS | US | 26,600,000 | 225,000,000 |
| 12 | Generali | Italy | 26,400,000 | 542,000,000 |
| 13 | Government Pension Fund Global | Norway | 26,399,900 | 1,032,640,000 |
| 14 | GIC | Singapore | 25,130,000 | 359,000,000 |
| 15 | Temasek | Singapore | 23,999,100 | 197,066,000 |
| 16 | National Pension Service | South Korea | 23,220,700 | 582,446,000 |
| 17 | Ontario Teachers’ Pension Plan | Canada | 22,957,600 | 189,847,000 |
| 18 | Prudential | UK | 22,256,500 | 666,388,000 |
| 19 | China Investment Corporation | China | 21,557,750 | 813,500,000 |
| 20 | NYSTRS | US | 20,500,000 | 121,000,000 |
| 21 | British Columbia Investment Corp | Canada | 19,005,300 | 102,861,000 |
| 22 | Bayerische Versorgungskammer | Germany | 17,968,000 | 86,315,700 |
| 23 | Teacher Retirement System of Texas | US | 17,500,000 | 146,000,000 |
| 24 | Washington State Investment Board | US | 16,200,000 | 104,000,000 |
| 25 | The Crown Estate | UK | 15,911,100 | 18,524,700 |
| 26 | PSP Investments | Canada | 15,458,300 | 99,503,200 |
| 27 | Aviva | UK | 14,566,500 | 597,237,000 |
| 28 | Florida State Board of Administration | US | 14,200,000 | 211,000,000 |
| 29 | Cathay Life | Taiwan | 14,100,600 | 171,814,000 |
| 30 | AIMCo | Canada | 14,000,000 | 101,000,000 |
| 31 | MetLife | US | 13,900,000 | 898,764,000 |
| 32 | NYSCRF | US | 13,500,000 | 209,100,000 |
| 33 | Healthcare of Ontario Pension Plan | Canada | 13,400,000 | 77,400,000 |
| 34 | MEAG Munich ERGO | Germany | 13,176,500 | 302,461,000 |
| 35 | Standard Life Aberdeen | UK | 13,152,600 | 267,276,000 |
| 36 | MN | Netherlands | 12,577,600 | 153,327,000 |
| 37 | OMERS | Canada | 12,347,200 | 78,810,900 |
| 38 | Zurich Insurance Group | Switzerland | 12,000,000 | 207,261,000 |
| 39 | Manulife | Canada | 11,948,900 | 266,221,000 |
| 40 | AMF | Sweden | 11,395,300 | 72,522,500 |
| 41 | BpfBouw | Netherlands | 10,181,800 | 67,918,900 |
| 42 | Ohio STRS | US | 9,800,000 | 78,800,000 |
| 43 | Legal & General | UK | 9,592,270 | 682,491,000 |
| 44 | PFA | Denmark | 8,797,550 | 98,931,000 |
| 45 | Hong Kong Monetary Authority | Hong Kong | 8,381,620 | 466,624,000 |
| 46 | North Carolina Retirement Systems | US | 8,300,000 | 98,200,000 |
| 47 | Alecta Pensionsförsäkring | Sweden | 7,883,990 | 99,288,900 |
| 48 | AustralianSuper | Australia | 7,804,880 | 130,000,000 |
| 49 | Ohio PERS | US | 7,600,000 | 86,700,000 |
| 50 | Oregon PERF | US | 7,600,000 | 77,300,000 |
| 51 | Migros | Switzerland | 7,350,420 | 24,580,500 |
| 52= | ATP | Denmark | 7,300,000 | 128,167,000 |
| 52= | Virginia Retirement System | US | 7,300,000 | 78,300,000 |
| 54 | BT Group | UK | 7,222,970 | 62,391,500 |
| 55 | New Jersey Division of Investment | US | 7,200,000 | 77,500,000 |
| 56 | Ilmarinen | Finland | 7,127,290 | 54,892,100 |
| 57 | Alaska Permanent Fund Corporation | US | 7,086,800 | 64,481,000 |
| 58 | Illinois Teachers Retirement System | US | 7,000,000 | 49,900,000 |
| 59 | Michigan Retirement System | US | 6,960,000 | 69,900,000 |
| 60 | State of Wisconsin Investment Board | US | 6,400,000 | 100,300,000 |
| 61 | LACERA | US | 6,200,000 | 55,600,000 |
| 62 | Future Fund | Australia | 6,130,160 | 102,297,000 |
| 63 | AMP Superannuation | Australia | 6,106,020 | 130,389,000 |
| 64 | Mass PRIM | US | 6,100,000 | 71,700,000 |
| 65 | Pennsylvania SERS | US | 5,723,000 | 55,257,000 |
| 66 | Korea Investment Corporation | South Korea | 5,700,000 | 110,800,000 |
| 67 | Samsung | South Korea | 5,681,920 | 219,372,000 |
| 68 | Pennsylvania PSERS | US | 5,550,000 | 55,900,000 |
| 69 | Kanton Zürich | Switzerland | 5,304,580 | 29,859,200 |
| 70 | AP1 | Sweden | 5,200,000 | 40,300,000 |
| 71 | Employees Provident Fund | Malaysia | 5,168,250 | 178,511,000 |
| 72 | Enpam | Italy | 5,162,440 | 18,964,100 |
| 73 | Danica Pension | Denmark | 4,825,510 | 68,683,100 |
| 74 | AP2 | Sweden | 4,623,920 | 42,089,800 |
| 75 | Qsuper | Australia | 4,561,610 | 72,978,000 |
| 76 | AP3 | Sweden | 4,538,740 | 42,004,600 |
| 77 | Varma | Finland | 4,314,700 | 54,393,800 |
| 78 | NN Group | Netherlands | 4,290,750 | 271,989,000 |
| 79 | Maryland SRPS | US | 4,255,200 | 51,875,300 |
| 80 | Swiss RE | Switzerland | 4,090,000 | 11,580,000 |
| 81 | TCRS | US | 4,049,446 | 46,238,788 |
| 82 | Colorado PERA | US | 3,922,626 | 43,649,362 |
| 83 | General Motors | US | 3,634,000 | 61,622,000 |
| 84 | ASGA Pensionkasse | Switzerland | 3,518,240 | 16,291,500 |
| 85 | AP4 | Sweden | 3,516,610 | 43,391,800 |
| 86 | Alberta HSTF | Canada | 3,508,190 | 14,940,100 |
| 87 | PKA | Denmark | 3,458,280 | 44,233,900 |
| 88 | Arizona State Retirement System | US | 3,411,336 | 38,389,061 |
| 89 | Elo | Finland | 3,368,390 | 27,614,300 |
| 90 | Coal Pension Trustees | UK | 3,362,420 | 25,903,100 |
| 91 | BVV | Germany | 3,319,280 | 37,385,300 |
| 92 | Ontario Pension Board | Canada | 3,248,380 | 18,077,100 |
| 93 | Sunsuper | Australia | 3,222,930 | 35,748,000 |
| 94 | Cbus | Australia | 3,218,330 | 30,768,700 |
| 95 | Hanwha Life | South Korea | 3,168,000 | 128,151,000 |
| 96 | Missouri PSRS/PEERS | US | 3,157,690 | 41,957,562 |
| 97 | Royal Bank of Scotland | UK | 3,132,670 | 60,241,100 |
| 98 | Hostplus | Australia | 3,123,080 | 24,260,500 |
| 99 | Pension Benefit Guaranty Corporation | US | 3,114,000 | 108,458,000 |
| 100 | Wellcome Trust | UK | 3,006,570 | 34,513,900 |
Have your say
You must sign in to make a comment