Real estate secondary transaction volume reached a record $10.6 billion during the full year of 2021 due to persistent growth of fund and property portfolio recapitalization transactions, coupled with a rebound of LP interest transactions, according to a recent analysis from Landmark Partners.

This represents a 24 percent increase over the previous record of $8.5 billion in 2020. Landmark Partners, an Ares company, found that an all-time high of 153 real estate secondary transactions closed or were placed under contract in 2021. This was a significant increase from 114 in 2020 and surpassed the previous record high of 127 in 2019.

In addition, GP-led transactions involving the recapitalization of funds and property portfolios hit $7 billion in 2021, representing a 25 percent increase from $5.6 billion in 2020. Transactions with underlying exposures to favorable sectors such as rental housing, logistics and data centers accounted for $5.2 billion, or 74 percent, of the