Total global real estate assets held by fund managers fell for the second consecutive year in 2023.

The ANREV, INREV and NCREIF 2024 Fund Manager Survey shows that assets under management (AUM) in the global nonlisted real estate industry dropped to €3.7 trillion in 2023, a 3.8 percent decline from the €3.9 trillion reported at the end of 2022. In 2021, AUM among fund managers surveyed by the three real estate investment associations reached €4.1 trillion.

Total AUM for the top 10 fund managers globally reached €1.9 trillion at the end of 2023. In terms of rankings, Blackstone, Brookfield Asset Management and Prologis retained the first, second and third positions in the rankings, respectively. They were followed by Metlife Investment Management and UBS Asset Management in fourth and fifth place, respectively.

Following the acquisition of Credit Suisse, UBS Asset Management returned to the top 10 in sixth place as the only new entrant on this li