The Big Get Even Bigger
There’s a new world order among real estate investment managers, at least at the top, according to a recent global survey of 129 real estate investment managers conducted by UK-based Property Funds Research. For a number of years ING Real Estate Investment Management reigned as the world’s largest real estate investment management firm with assets under management in 2010 of more than US$86.6 billion. ING, however, sold off its real estate assets in Europe and Asia to CB Richard Ellis Investors (now CBRE Global Investors) last year. With the acquisition, CBRE Global Investors shot up to No 2 with more than US$94.1 billion of AUM, slightly behind leader Brookfield Asset Management, which ranked No 2 in the previous year and reported total assets of US$94.5 billion as of year-end 2011. Also shooting up the rankings to grab the No 3 spot was The Blackstone Group, reporting total assets of approximately US$70.5 billion.
Almost across the board, investment managers