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Blackstone becomes world’s largest real estate fund manager

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Blackstone has leapfrogged Brookfield Asset Management and CBRE Global Investors to become the largest real estate fund manager, according to a new global study.

The INREV/ANREV 2014 Fund Manager Survey places Blackstone Group top of its list of 147 companies with €78.6bn in assets under management (AUM), just ahead of Brookfield Asset Management at €78.3bn.

Blackstone’s property AUM rose by €11.5bn from €67.1bn in the 12 months leading up to the end of 2013.

Brookfield, which came top in last year’s survey, saw its real estate AUM fall by €4.7bn from €83bn over the same period.

CBRE Global Investors, meanwhile, dropped from second to third as its AUM fell from €69.6bn to €64.7bn.

Matthias Thomas, chief executive at INREV, said: “The top of the tree has shifted again, but there isn’t much between the leading performers.

“There is a clear battle for domination at the top, with both the Blackstone Group and Brookfield managing total assets worth at least 50% more than any other firm outside the top three.”

Both fourth placed UBS Global Asset Management and fifth placed AXA Real Estate – the largest fund manager in Europe, according to the survey – were said to have around €47.8bn.

The largest manager in Asia was Mapletree Investments with €14.1bn.

The findings were based on figures from the end of 2013.

Blackstone has since raised significant capital for several real estate funds while embarking on a core investment programme.

The survey is based on 147 fund managers with total AUM of €1.4trn, of which €522bn (37%) is concentrated in the top 10 fund managers.

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