In 2020, Landmark Partners tallied 114 real estate secondary transactions, representing approximately US$8.5 billion of net asset value that closed or were placed under contract. Landmark Partners, which has tracked NAV traded and other market statistics since 1996, compiles data on transactions that are closed or under-contract from a wide universe of sources, including its own transaction experience and ongoing dialogue with other key market participants.

Despite the sharp decline of transactional activities amid volatility in the broader capital markets early in the COVID-19 pandemic, secondary activities rebounded strongly later in the year, and a number of large fund and portfolio recapitalisation transactions pushed full-year transaction volume to US$8.5 billion, eclipsing the prior record volume of US$8.2 billion reached in 2015. Activities during 2020 represent an 18 percent increase from the US$7.2 billion transacted in 2019 and puts the last five-year average volume