Real estate’s largest investment managers are enjoying a golden period of growth.

The Fund Manager Survey 2018, published by INREV, ANREV and NCREIF, has found that managers needed in excess of €100 billion assets under management (AUM) in 2017 to be considered one of the five biggest players in real estate. In 2015, that figure was less than €60 billion. According to the three real estate associations, the top 10 managers accounted for 38.7 percent of the global AUM total, which sat at €2.7 trillion at the end of last year. Gains were also made across the board with the average asset total for all 162 survey participants reaching €16.7 billion, compared with €13.6 billion in 2016.

Non-listed real estate made up 83.3 percent of total AUM globally. In Europe, it represented 92.9 percent of total AUM.

The Blackstone Group topped the list of global real estate fund managers for the second year running, with €184.3 billion AUM — up by €41