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.

As the world reflects on the medal winners and the records broken at the 2012 Olympic Games in London, we take a look at the winners and losers in Europe’s real estate investment market at the half-year stage, using Q2 2012 results collated by Cushman & Wakefield. And as Brazil now starts to prepare to host the 31st Olympic Games in 2016, we assess the prospects for Europe’s real estate markets over the next four years.

Uncertainty over Europe continued to be at the heart of investors’ worries during the summer as the risk of a euro break-up heightened, with attention shifting from Greece to Spai. Constrained credit availability and a lack of suitable product continue to be the main concerns for investors in the current market.

German insurance companies have a big problem. They need to generate sufficient profits in order to meet their long-term liabilities vis-à-vis their policyholders. How can they achieve this in a time of decreasing interest rates, tumbling stock markets and general economic malaise? The shining beacon on the horizon, promising decent returns and salvation: debt funds.

There is an urgent need for infrastructure assets globally, and at the same time there is an emerging appetite among institutional investors for investments that share the characteristics of the infrastructure asset class. If we toss in the fact that the traditional means of infrastructure funding are proving to be woefully insufficient, the forward-looking potential for infrastructure as an investment class looks robust.

Tamar European Industrial Fund (TEIF) has sold an 18,352-square-metre fully-let logistics warehouse in Drammen, Norway, for NKr 148.35 million (€20.3 million).

In Germany, Union Investment, on behalf of the UniImmo: Deutschland open-end real estate fund, has opened the Emporio Complex in central Hamburg.

Hearthstone Investments, a specialist residential property fund manager, has received a seed investment deal of £22.5 million (€28.4 million), spread over three tranches, from Barratt Developments, a UK housebuilder.

UBS Global Asset Management’s Global Real Estate – UK team has acquired a London office asset on behalf of the £154 million (€194 million) Investment Circle UK fund.

Aberdeen Asset Management has held a first close of the Aberdeen Residential Sweden Fund with €115 million from institutional investors.

While student accommodation is an established niche property sector in the United Kingdom, there are growing opportunities for investment in student housing in continental Europe.

Spain-based Renta Corporación has sold 80 Gran Vía in Madrid for €20.5 million.

Orion Capital Managers has acquired the former Daily Mail headquarters in the City of London from clients of Aberdeen Asset Management.

Orchard Street Investment Management LLP has agreed to buy two industrial estates in the United Kingdom.

Natixis Asset Management and AEW Europe have launched the Senior European Loan Fund, the first subfund of a closed-end seven-year fund structure investing in senior real estate loans.

Cordea Savills has held a first closing of its European Retail Fund with €70 million in equity from four German institutional investors.

Cordea Savills has acquired a prime property in Helsinki from Nordea Life Assurance Finland Ltd for €60 million.

AXA Real Estate Investment Managers, on behalf of AXA Immoselect, has sold a Paris office building to a joint venture between two French institutions.

UNITE, a UK developer and manager of student accommodation, has sold two noncore student housing properties in London.