GLOBAL - The assets of the top 100 real estate investment managers fell by 4.1% - or some €44bn - to just over €1trn as at 31 December 2009 compared with a year earlier, according to the latest IP Real Estate investment managers survey, which will appear in the next issue of IP Real Estate Magazine.
The survey, in which managers are ranked by worldwide real estate assets under management, also reveals that the assets of the top 50 fell by €48bn, or 5.1% while those in the lower half of the table gained €4bn over that period.
The 4.1% fall contrasts with a gain of 9.8% over the same period recorded by sister publication IPE's survey of the top 400 managers across all asset classes.
Martin Hurst, IP Real Estate editor, said: "Property's valuation time lags will be part of the reason for this. The difference in performance helps to explain why the asset class remains one of the most challenging for fundraising."
Direct real estate and non-listed real estate funds accounted for the greatest share of assets, with around €366bn each. Listed property accounted for around €114bn.
In terms of regions, Europe accounted for by far the largest, with €465bn, followed by the US with €307bn.
For a full set of findings, please refer to the upcoming issue of IP Real Estate.
IP Real Estate's second survey of institutional investors in real estate will be published in the March/April 2011 edition.