The big get bigger. That’s the message of the Fund Manager Survey 2016 by the National Council of Real Estate Investment Fiduciaries, in collaboration with the European Association for Investors in Non-Listed Real Estate Vehicles and the Asian Association for Investors in Non-Listed Real Estate Vehicles.
The top 10 fund managers collectively were responsible for 41.0 percent of the $2.2 trillion in combined gross real estate assets under management in 2015, up from 36.5 percent in the previous year’s survey. And the three largest real estate fund managers — Brookfield Asset Management, The Blackstone Group and TIAA Global Asset Management — each have global real estate assets under management exceeding $100 billion.
Brookfield and Blackstone continued to hold the top two spots in the ranking (each firm is 50 percent larger than it was three years ago, as capital has flowed toward the largest fund managers). Industry consolidation is also at work. The m