Global Investment Managers 2013

Transcription

1 Global Investment Managers 2013 Prepared by: Property Funds Research 6 St. Giles Court, Southamption Street Reading RG1 2QL United Kingdom Phone: +44 (0) Fax: +44 (0) Camino Ramon, San Ramon, CA USA Phone: Fax:

2 Global Investment Managers 2013 Prepared by: Property funds research 6 St. Giles Court Southampton Street Reading RG1 2QL United Kingdom Phone: +44 (0) Fax: +44 (0) Camino Ramon San Ramon, CA USA Phone: Fax: All Rights Reserved

3 Table of Contents: Introduction... 1 Largest investment managers by region... 3 Total assets rankings... 4 Discretionary separate accounts Advisory separate accounts Indirect real estate vehicles About and Property Funds Research b

4 In recent years, several investment managers have deployed their own versions of the special sauce to super-size their assets under management and jump to the top of the global real estate investment manager rankings. Through aggressive growth and M&A strategies Brookfield Asset Management, CBRE Global Investors and The Blackstone Group have distanced themselves from the rest of the pack, based on a global survey of real estate investment managers conducted by Property Funds Research (PFR) and Institutional Real Estate, Inc. (IREI). The industry s Big Three maintained a sizeable lead over their peers. Brookfield Asset Management remains at the top of the rankings with more than 87.5 billion of assets under management, followed by CBRE Global Investors ( 68.7 billion) and The Blackstone Group ( 67.2 billion). (See the Total assets rankings table on page 4.) The significant growth experienced by the industry and its leading firms is also reflected in the aggregate AUM figures for the top 100 investment managers. The total came in at 860 billion in 2008, climbed to 1.39 trillion in 2011, and then increased another 12 percent to 1.44 trillion in The rankings also show that industry dominance by a few large firms is more prevalent than ever. The top 20 firms in this year s survey collectively claim more AUM (approximately 810 billion) than the remaining 122 firms pooled together ( 639 billion). The top 20 firms control 56 percent of the aggregate AUM reported by the 142 firms in the survey, Super size me Investment managers grow larger as they expand their reach and ride a wave of asset appreciation by Larry Gray Executive Summary Total assets for the top 100 investment managers increased by 11 percent in The top 10 investment management firms control 35 percent of total AUM. The industry s Big Three Brookfield Asset Management, CBRE Global Investors and The Blackstone Group maintained a sizable lead over their peers. while the top 10 investment managers control 35 percent of the asset pool. Globalisation and consolidation are driving forces in the industry and are fuelling growth and M&A activity among the largest firms, notes Geoffrey Dohrmann, president and CEO of Institutional Real Estate, Inc. The larger institutional investors are trying to reduce their number of investment manager relationships and also establish global portfolios. In response, global investment managers are offering one-stop shopping with an expanded menu of global investment products. Seventeen of the top 20 largest investment managers have assets spread across North America, Europe and Asia. Growth story To put the growth of the industry into perspective, consider that in 2003 a real estate investment manager with 16 billion of assets under management would have ranked among the largest firms in the industry. Today, after a decade of growth and consolidation, a firm with 16 billion of AUM barely cracks the top 25. Some firms grew their asset base through new business and M&A activity. In addition, a healthy dose of asset appreciation contributed to higher year-over-year AUM figures for nearly 75 percent of the investment managers that responded to the survey for each of the past two years. The biggest mover was The Blackstone Group, which reported total AUM of 67.2 billion, a nearly 26 percent jump from year-end

5 In addition to ranking as the largest investment manager overall, Brookfield Asset Management also ranks number one in AUM in North America, with assets totalling 87.5 billion, and in Latin America, where it manages real estate assets of 7.6 billion. AXA Real Estate reigns as the largest investment manager in Europe with assets of approximately 45.0 billion. CBRE Global Investors leads the pack in Asia with 7.6 billion of AUM in the region, and The GPT Group ranks number one in the Australasia region with AUM of 11.7 billion. The PFR-IREI annual survey also ranks real estate managers based on their total AUM in the categories of discretionary separate accounts under management, advisory separate accounts and assets, and indirect real estate investment vehicles. AXA Real Estate ranks number one in the category of discretionary separate accounts, with more than 27.1 billion of AUM. Principal Real Estate Investors ranks first in AUM for advisory separate accounts with 22.1 billion. In the category of indirect real estate investment vehicles, The Blackstone Group ranks number one with AUM of 67.2 billion. A comprehensive copy of the survey results and investment manager rankings can be downloaded at irei.com/tirel-na-report09-13.html Larry Gray is editorial director at The survey was conducted by UK-based Property Funds Research (PFR). PFR is an independent management-owned research business that provides high-quality research and strategic consulting on the UK, European and global institutional real estate markets focusing on the major sources of capital, investment vehicles and investment managers. For more information, please visit For additional information on the global fund manager survey, contact Jane Fear at +44 (0) or jf@propertyfundsresearch.com. Assets under management by geographic distribution Top 100 firms in aggregate (AUM, trillion) 1.60 Assets under management by investment structure Asia 5.9% Australasia 5.9% North America 44.9% Other 3.5% Europe 38.5% Latin America 1.3% Aggregate AUM ( trillion) Advisory separate accounts 16% Discretionary separate accounts 22% Real estate funds 63% Sources: Property Funds Research; Institutional Real Estate, Inc 2

6 Largest investment managers by region TOP 10 MANAGERS BASED ON EUROPE ASSETS ( million) Rank Investment manager Europe Total 1 AXA Real Estate 45, , CBRE Global Investors 34, , Aviva Investors 25, , Aberdeen Asset Management 21, , IVG Immobilien AG 20, , AEW Global 18, , M&G Real Estate 17, , UBS Global Asset Management 17, , LaSalle Investment Management 16, , Deutsche Asset & Wealth Management 15, , TOP 10 MANAGERS BASED ON NORTH AMERICA ASSETS ( million) Rank Investment manager North America Total 1 Brookfield Asset Management 69, , The Blackstone Group 48, , J.P. Morgan Asset Mgmt Global Real Assets 35, , Principal Real Estate Investors 33, , Cornerstone Real Estate Advisers 28, , CBRE Global Investors 26, , Pramerica Real Estate Investors 23, , Hines 21, , Clarion Partners 20, , Tishman Speyer 19, , TOP 10 MANAGERS BASED ON ASIA ASSETS ( million) Rank Investment manager Asia Total 1 CBRE Global Investors 7, , UBS Global Asset Management 7, , Secured Capital Investment Mgmt Co 6, , Pramerica Real Estate Investors 6, , MGPA 5, , LaSalle Investment Management 5, , Alpha Investment Partners 5, , Morgan Stanley Real Estate Investing 4, , Invesco Real Estate 4, , The Blackstone Group 3, , TOP 10 MANAGERS BASED ON AUSTRALASIA ASSETS ( million) Rank Investment manager Australasia Total 1 The GPT Group 11, , Dexus Property Group 10, , UBS Global Asset Management 9, , Brookfield Asset Management 8, , Charter Hall Group 7, , Lend Lease 7, , QIC 6, , Investa Property Group 5, , Federation Centres 5, , Morgan Stanley Real Estate Investing 3, ,

7 Total assets rankings GLOBAL REAL ESTATE ASSETS UNDER MANAGEMENT (gross, million, as at 31 December 2012) Rank Investment manager Total Europe North America Latin America Australasia Asia Global/ Other 1 Brookfield Asset Management 1 87, , , , , CBRE Global Investors 68, , , , The Blackstone Group 2 67, , , , UBS Global Asset Management 3 49, , , , , AXA Real Estate 45, , J.P. Morgan Asset Management Global Real Assets 42, , , , TIAA-CREF Asset Management 4 41, , , , Pramerica Real Estate Investors 39, , , , , Invesco Real Estate 38, , , , , Deutsche Asset & Wealth Management 5 36, , , , , AEW Global 36, , , , LaSalle Investment Management 36, , , , , Principal Real Estate Investors 35, , Hines 1 30, , , , Cornerstone Real Estate Advisers 6 29, , , Aviva Investors 27, , , Tishman Speyer 26, , , , , Morgan Stanley Real Estate Investing 7 26, , , , , Cohen & Steers Capital Managment 23, , , , , Aberdeen Asset Management 22, , Clarion Partners 21, , IVG Immobilien AG 1 21, , Heitman 19, , , M&G Real Estate 8 19, , , ,

8 GLOBAL REAL ESTATE ASSETS UNDER MANAGEMENT (gross, million, as at 31 December 2012) Rank Investment manager Total Europe North America Latin America Australasia Asia Global/ Other 25 Starwood Capital Group 18, , , Colony Capital 17, , , , Bentall Kennedy 15, , Henderson Global Investors 15, , , Standard Life Investments 9 14, , , Angelo, Gordon & Co 10 14, , , Prologis 13, , , , BNP Paribas Real Estate Investment Management 13, , Schroder Property Investment Management 13, , Legal & General Property 12, , The GPT Group 1 11, , Westbrook Partners 10, , Lend Lease 10, , , , Dexus Property Group 11 10, , Scottish Widows Investment Partnership 10, , BlackRock 9, , , SEB Asset Management 12 9, , , F&C REIT 8, , DTZ Investment and Asset Management 8, , Cordea Savills 8, , Beacon Capital Partners 8, , , Patron Capital 8, , MGPA 8, , , DRA Advisors 8, , Rockpoint Group 7, , , Paramount Group 7, , Charter Hall Group 7, ,

9 GLOBAL REAL ESTATE ASSETS UNDER MANAGEMENT (gross, million, as at 31 December 2012) Rank Investment manager Total Europe North America Latin America Australasia Asia Global/ Other 52 La Française Real Estate Managers 7, , QIC 7, , Rockspring Property Investment Managers 7, , Threadneedle Property Investments 7, , Hermes Real Estate Investment Management 7, , PATRIZIA Immobilien AG 7, , Amundi Real Estate 6, , CenterSquare Investment Management Holdings 13 6, , Secured Capital Investment Management Co 6, , Greystone Managed Investments 6, , Walton Street Capital 6, , Ares Management 14 5, , , Investa Property Group 1 5, , Bouwinvest Real Estate Investment Management BV 5, , Alpha Investment Partners 5, , Bouwfonds Real Estate Investment Management 15 5, , KBS Realty Advisors/KBS Capital Advisors 5, , Swisscanto Asset Management AG 5, , Rockwood Capital 5, , Federation Centres 1, 16 5, , Grosvenor Fund Management 5, , , PCCP 4, , Quadrant Real Estate Advisors 17 4, , GLL Real Estate Partners GmbH 4, , , iii-investments 4, , Warburg-Henderson Kapitalanlagegesellschaft für immobilien mbh 4, , Stockbridge Capital Group 4, ,

10 GLOBAL REAL ESTATE ASSETS UNDER MANAGEMENT (gross, million, as at 31 December 2012) Rank Investment manager Total Europe North America Latin America Australasia Asia Global/ Other 79 Valad Europe 4, , Forum Partners Investment Management 4, , American Realty Advisors 3, , Orchard Street Investment Management 3, , Partners Group 18 3, Carmel Partners 3, , Sentinel Real Estate Corp 3, , Royal London Asset Management 3, , Harrison Street Real Estate Capital 3, , Tristan Capital Partners 3, , Hunt Investment Management 19 2, , ASB Real Estate Investments 2, , KTR Capital Partners 2, , M3 Capital Partners 2, , Capri Capital Partners 2, , InfraRed Capital Partners 2, , , GTIS Partners 2, , Unite Integrated Solutions 2, , Pradera 2, , NIAM 2, , Pearlmark Real Estate Partners 2, , Benson Elliot Capital Management 2, , Kames Capital 1, , Phillips Edison & Co 1, , Almanac Realty Investors 1, , Lowe Enterprises Investment Management 1, , Corpus Sireo Investment Management SARL 1, ,

11 GLOBAL REAL ESTATE ASSETS UNDER MANAGEMENT (gross, million, as at 31 December 2012) Rank Investment manager Total Europe North America Latin America Australasia Asia Global/ Other 106 Amstar Advisers 1, Internos Global Investors 1, , Paladin Realty Partners 12 1, , Altera Vastgoed NV 1, , Landmark Partners 1, , CarVal Investors 1, The Lionstone Group 1, , CS Capital Management 1, , Exeter Property Group 20 1, , Beni Stabili Gestioni SpA SGR 1, , Long Wharf Real Estate Partners 1, , Lothbury Investment Management 1, , Mesa West Capital 1, , Cushman & Wakefield Investors 1, , Covenant Capital Group 1, , Alex. Brown Realty 1, , Rynda Property Investors Tricon Capital Avanti Investment Advisors Nordic Real Estate Partners Frogmore Colliers Capital Knight Frank Investors Hart Realty Advisers Mountgrange Investment Management VBI Real Estate GPM Investment Management

12 GLOBAL REAL ESTATE ASSETS UNDER MANAGEMENT (gross, million, as at 31 December 2012) Rank Investment manager Total Europe North America Latin America Australasia Asia Global/ Other 133 SF Institutional Invest Cording Group First Property Asset Management Imorendimento Presima Fundbox Sociedade Gestora de Fundos de Investimento Imobiliaro, SA Composition Capital Partners Equity Estate BV inprop Capital Pamfleet St Bride s Managers AUM includes non-fund assets 2 AUM and GAVs represent a summary of each fund s share of unrealised value, debt and line of credit 3 AUM includes assets managed by joint venture with Mitsubishi Corp 4 Includes equity and debt real estate assets. Certain accounts are accounted for using fair value and some are accounted for using book value 5 Several businesses were sold/transferred in In addition, infrastructure securities ( 3.6 billion) has been excluded from Real estate AUM for the first year 6 AUM includes 1,252 million of debt assets that are serviced assets or other assets that are not part of a separate account/fund structure 7 Represents gross fair market value of the real estate assets managed by Morgan Stanley on behalf of the firm and its clients, presented at direct ownership interest. Real estate AUM for certain minority interests represents Morgan Stanley s equity investments in the entity. Excludes real estate related public equity securities and mutual funds 8 Formerly Prudential Property Investment Managers 9 Cash is not included 10 Excludes uncalled commitments, residual values of real estate deals conidered fully realised and real estate assets in multi-asset funds and separate accounts 11 Figures include transactions that were contracted prior to 31st December 2012, that settled afterwards 12 AUM is based at a pure property level and does not include cash held in funds or REIT funds 13 Formerly Urdang Capital Management 14 Formerly AREA Property Partners 15 Application of a new reporting methodology has resulted in a lower reported AUM. In addition, in 2012 Bouwfonds sold the management of seven private funds and a limited number of exit sales of private funds was realised. The discretionary mandate was awarded in fourth quarter 2012 but no acquisitions were made, hence the discrepancy with the AUM 16 Formerly Centro Retail Australia 17 AUM in North America includes 37.8 million of uncalled commitments 18 Net figure supplied 19 As at 31 December 2012, Hunt Investment Management acquired the advisory business of The Tuckerman Group, 910 million data was net, 2012 data is gross 21 Difference from 2011 AUM is due to the exclusion of assets managed for external landlords that were included last year 9

13 Discretionary separate accounts Rank Fund manager Total Europe North America Gross, millions (as at 31 December 2012) Latin America Australia Asia 1 AXA Real Estate 27, , CBRE Global Investors 20, , , , LaSalle Investment Management 1 20, , , Aviva Investors 16, , , Cohen & Steers Capital Management 15, , , , M&G Real Estate 2 14, , AEW Global 14, , , Invesco Real Estate 3 13, , Deutsche Asset & Wealth Management 11, , , , Brookfield Asset Management 10, , , , Hermes Real Estate Investment Management 6, , IVG Immobilien AG 5, , CenterSquare Investment Management Holdings 4 4, , Pramerica Real Estate Investors 4, , , , DTZ Investment and Asset Management 3, , Standard Life Investments 3, , Principal Real Estate Investors 3, , Orchard Street Investment 3, , Threadneedle Property Investments 3, , Henderson Global Investors 3, , Heitman 3, , , Royal London Asset Management 3, , BlackRock 3, , Schroder Property Investment Management 3, , Aberdeen Asset Management 3, , UBS Global Asset Management 2, , Middle East Number of Mandates 10

14 Rank Fund manager Total Europe North America Gross, millions (as at 31 December 2012) Latin America Australia Asia 27 Secured Capital Investment Management Co 2, , Prologis 2, Greystone Managed Investments 2, by Author Name 2, Clarion Partners 1, , J.P. Morgan Asset Management Global Real Assets 1, , Bouwinvest Real Estate Investment Management BV 5 1, Dexus Property Group 6 1, , Rockspring Property Investment Managers 1, Stockbridge Capital Group 1, , Legal & General Property 1, , F&C REIT 1, , Hines 1, , Cornerstone Real Estate Advisers 1, , Capri Capital Partners 1, , Amstar Advisers The Lionstone Group Angelo, Gordon & Co Scottish Widows Investment Partnership American Realty Advisors Pradera Lend Lease KBS Realty Advisors/KBS Capital Advisors Cordea Savills Quadrant Real Estate Advisors Bentall Kennedy ASB Real Estate Investments GLL Real Estate Partners GmbH First Property Asset Management Cording Group Middle East Number of Mandates 11

15 Rank Fund manager Total Europe North America Gross, millions (as at 31 December 2012) Latin America Australia Asia 56 Colliers Capital Bouwfonds Real Estate Investment Management Forum Partners Investment Management Cushman & Wakefield Investors Harrison Street Real Estate Capital Ares Management Amundi Real Estate Exeter Property Group Grosvenor Fund Management GTIS Partners Presima Hunt Investment Management Lothbury Investment Management BNP Paribas Real Estate Investment Management Tricon Capital TIAA-CREF Asset Management SEB Asset Management inprop Capital CS Capital Management Middle East Number of Mandates 1 Discretionary separate account total includes 7,812 million global real estate securities 2 Formerly Prudential Property Investment Managers 3 Discretionary separate account total includes 2,883 million global real estate securities 4 formerly Urdang Capital Management 5 Net figure supplied 6 Figures include transactions that were contracted prior to 31 December 2012, that settled afterwards million discretionary account is excluded from the table. It started in fourth quarter 2012 but no acquisitions were realised by the end of the year 8 Formerly AREA Property Partners data was net, 2012 data is gross 12

16 Advisory separate accounts Rank Fund manager Total Europe Gross, millions (as at 31 December 2012) North America Latin America Australia Asia 1 Principal Real Estate Investors 22, , Cornerstone Real Estate Advisers 21, , Heitman 12, , Clarion Partners 8, , AEW Global 8, , , CBRE Global Investors 8, , , J.P. Morgan Asset Management Global Real Assets 7, , , Aberdeen Asset Management 7, , Bentall Kennedy 7, , Invesco Real Estate 1 7, , , , AXA Real Estate 6, , , F&C REIT 4, , DTZ Investment and Asset Management 4, , Cordea Savills 4, , LaSalle Investment Management 2 4, , , , Quadrant Real Estate Advisors 4, , Deutsche Asset & Wealth Management 3, , , PCCP 3, , SEB Asset Management 2, , M3 Capital Partners 2, , Charter Hall Group 2, , GLL Real Estate Partners GmbH 1, , Warburg-Henderson Kapitalanlagegesellschaft fur immobilien mbh 1, , Rockwood Capital 1, , TIAA-CREF Asset Management 1, Lowe Enterprises Investment Management 1, , Middle East Number of mandates 13

17 Rank Fund manager Total Europe Gross, millions (as at 31 December 2012) North America Latin America Australia Asia 27 Amundi Real Estate 1, , Hines 1, Sentinel Real Estate Corp 1, , CS Capital Management 1, , La Francaise Real Estate Managers Rockspring Property Investment Managers Cushman & Wakefield Investors Grosvenor Fund Management Colony Capital Rynda Property Investors Knight Frank Investors Ares Management Hart Realty Advisers Pramerica Real Estate Investors Standard Life Investments Hunt Investment Management Brookfield Asset Management CenterSquare Investment Management Holdings Colliers Capital KBS Realty Advisors/KBS Capital Advisors The Lionstone Group American Realty Advisors BNP Paribas Real Estate Investment Management Covenant Capital Group Alpha Investment Partners MGPA UBS Global Asset Management Landmark Partners Stockbridge Capital Group Pradera Middle East Number of mandates

18 Rank Fund manager Total Europe Gross, millions (as at 31 December 2012) North America Latin America Australia Asia 57 St Bride s Managers Royal London Asset Management Alex. Brown Realty Lothbury Investment Management First Property Asset Management Discretionary separate account total includes 2,883 million global real estate securities 2 Discretionary separate account total includes 7,812 million global real estate securities 3 Formerly AREA Property Partners 4 Formerly Urdang Capital Management Middle East Number of mandates 15

19 Indirect real estate vehicles Number and value of vehicles under management Rank Fund manager Total GAV ( millions) Total vehicles 1 The Blackstone Group 67, Brookfield Asset Management 49, UBS Global Asset Management 46, CBRE Global Investors 40, Pramerica Real Estate Investors 34, J.P. Morgan Asset Management Global Real Assets 32, Tishman Speyer 26, Morgan Stanley Real Estate Investing 1 26, Deutsche Asset & Wealth Management 23, TIAA-CREF Asset Management 18, Starwood Capital Group 18, Colony Capital 17, Invesco Real Estate 17, AEW Global 13, Angelo, Gordon & Co 12, BNP Paribas Real Estate Investment Management 12, Henderson Global Investors 12, LaSalle Investment Management 11, Aberdeen Asset Management 11, AXA Real Estate 11, Aviva Investors 11, Legal & General Property 11, Prologis 11, Hines 10, Westbrook Partners 10, Standard Life Investments 10,

20 Number and value of vehicles under management Rank Fund manager Total GAV ( millions) Total vehicles 27 Clarion Partners 10, Schroder Property Investment Management 10, VG Immobilien AG 9, Lend Lease 9, Cohen & Steers Capital Management 9, Principal Real Estate Investors 9, Scottish Widows Investment Partnership 2 9, Dexus Property Group 3 8, SEB Asset Management 8, Beacon Capital Partners 8, Patron Capital 8, Rockpoint Group 7, MGPA 7, Paramount Group 7, Bentall Kennedy 7, DRA Advisors 7, QIC 7, PATRIZIA Immobilien AG 7, La Francaise Real Estate Managers 6, BlackRock 6, Walton Street Capital 6, M&G Real Estate 4 5, Alpha Investment Partners 5, Swisscanto Asset Management AG 5, Amundi Real Estate 5, Charter Hall Group 5, The GPT Group 5, Cornerstone Real Estate Advisers 5, Ares Management 5 5, Bouwfonds Real Estate Investment Management 4,

21 Number and value of vehicles under management Rank Fund manager Total GAV ( millions) Total vehicles 57 Rockspring Property Investment Managers 4, Heitman 4, KBS Realty Advisors/ KBS Capital Advisors 4, iii-investments 4, Valad Europe 4, Secured Capital Investment Management Co 4, Grosvenor Fund Management 4, Greystone Managed Investments 4, Bouwinvest Real Estate Investment Management BV 6 4, Threadneedle Property Investments 3, Rockwood Capital 3, Investa Property Group 3, Carmel Partners 3, Cordea Savills 3, Harrison Street Real Estate Capital 7 3, Tristan Capital Partners 3, American Realty Advisors 2, Stockbridge Capital Group 2, Warburg-Henderson Kapitalanlagegesellschaft fur immobilien mbh 2, KTR Capital Partners 2, GLL Real Estate Partners GmbH 2, F&C REIT 2, Hunt Investment Management 2, InfraRed Capital Partners 2, Unite Integrated Solutions 2, NIAM 2, Pearlmark Real Estate Partners 2, ASB Real Estate Investments 2, Benson Elliot Capital Management 2, Kames Capital 1,

22 Number and value of vehicles under management Rank Fund manager Total GAV ( millions) Total vehicles 87 GTIS Partners 1, Almanac Realty Investors 1, Phillips Edison & Co 1, Corpus Sireo Investment Management SARL 1, Internos Global Investors 1, Altera Vastgoed NV 1, CenterSquare Investment Management Holdings 8 1, PCCP 1, Forum Partners Investment Management 1, CarVal Investors 1, Landmark Partners 1, Beni Stabili Gestioni SpA SGR 1, Pradera 1, Long Wharf Real Estate Partners 1, Exeter Property Group 9 1, Sentinel Real Estate Corp 1, Capri Capital Partners 1, Mesa West Capital 1, Federation Centres 10 1, Lothbury Investment Management 1, Alex. Brown Realty 1, Hermes Real Estate Investment Management Covenant Capital Group Avanti Investment Advisors Amstar Advisers Tricon Capital Paladin Realty Partners Nordic Real Estate Partners Frogmore Mountgrange Investment Management

23 Number and value of vehicles under management Rank Fund manager Total GAV ( millions) Total vehicles 117 VBI Real Estate GPM Investment Management CS Capital Management SF Institutional Invest The Lionstone Group Imorendimento Orchard Street Investment Management Lowe Enterprises Investment Management Fundbox Sociedade Gestora de Fundos de Investimento Imobiliaro, SA Composition Capital Partners Equity Estate BV Royal London Asset Management Presima inprop Capital Rynda Property Investors Pamfleet Cushman & Wakefield Investors Quadrant Real Estate Advisors Cording Group DTZ Investment and Asset Management Colliers Capital First Property Asset Management St Bride s Managers Represents gross fair market value of the real estate assets managed by Morgan Stanley on behalf of the firm and its clients, presented at direct ownership interest. RE AUM for certain minority interests represents Morgan Stanley s equity investments in the entity. Excludes real estate related public equity securities and mutual funds. 2 Net figure supplied 3 Figures include transactions that were contracted prior to 31 December 2012, that settled afterwards 4 Formerly Prudential Property Investment Managers 5 Formerly AREA Property Partners. Figures represent committed capital under management, includes all amounts available under debt facilities. Amounts are unaudited as of 31 March Gross figure supplied 7 GAV is expressed as gross transaction costs 8 Formerly Urdang Capital Management data was net, 2012 data is gross 10 Formerly Centro Retail Australia 11 AUM in North America includes 37.8 million of uncalled commitments 20

24 About Founded in 1987, (IREI) is an information company focused on providing institutional real estate IREI s events have quickly gained a stellar reputation and solid fol- In 2006, the firm launched a conference and seminar division. investors with decision-making tools through its publications, by Author lowing Name within the industry. The firm s menu of events includes conferences and consulting. IREI provides real estate investment Institutional Investing in Infrastructure, and Visions, Insights & fiduciaries with information and insights on the people, issues, ideas Perspectives (VIP) conferences in North America, Asia and Europe, and events driving the global real estate investment marketplace. as well as the Market Navigator series of workshops led by president The firm publishes a number of special reports and directories, as and CEO Geoffrey Dohrmann. well as 10 regular news publications. The firm s flagship publication, The Institutional Real Estate Letter Americas, has covered the providing research and advice to the investment-management, bro- On the consulting side, IREI has two decades of experience industry for nearly 25 years. Other IREI titles include The Institutional kerage, development and technology communities. Services include Real Estate Letter Europe, The Institutional Real Estate Letter Asia strategic information and advice on presentations, organisational Pacific, The Institutional Real Estate Letter Australia, Institutional structures, product development, proposal responses, and design and Real Estate Newsline, European Real Estate Quarterly, The Asian REIT implementation of market research projects. Report, Institutional Investing in Infrastructure and Institutional Real For more information about IREI s products and services, please Estate FundTracker. visit About Property Funds Research Property Funds Research (PFR) is an independent managementowned real estate research and consulting business. Founded in 2001, under its previous name, Oxford Property Consultants (OPC), the firm established the first European and global dataset of unlisted property vehicles, the major sources of capital and investment managers. OPC was sold to CBRE in 2006 and the research and information business (renamed Property Funds Research) was reacquired by its management. PFR is now chaired by Andrew Baum, professor of real Eestate investment at the University of Cambridge, and managed by Jane Fear. PFR s global database includes nearly 3,000 unlisted funds, 1,500 fund managers and 3,000 investors. With this resource, PFR provides high-quality confidential research and strategic consulting for institutional real estate investment managers, investors and industry bodies around the world. For more information about PFR, please contact Jane Fear at jf@propertyfundsresearch.com. 21

25 Personnel Denise DeChaine, Special Projects Editor Project management, editing Larry Gray, Editorial Director Editing and proofreading Susan Sharpe, Art Director Design, layout and production Loretta Clodfelter, Copyeditor Proofreading Property Funds Research Jane Fear, Managing Director Project management, data collection Joanna Gliddon, Senior Analyst Data collation Copyright 2013 by Material may not be reproduced in whole or in part without the express written permission of the publisher. The publisher of this special report,, is not engaged in rendering tax, accounting or other professional advice through this publication. No statement in this issue is to be construed as a recommendation to buy or sell any security or other investment. 22

26 Introducing IREI s Online Real Estate and Infrastructure Database Tracking real estate fund data just got a lot easier. If you are in this industry, you are paying attention to real estate and infrastructure fund data. Whether you are doing this yourself or with the aid of an in-house research team, our online real estate and infrastructure database will be an indispensable, time-saving tool. Previously only available to our sponsoring clients, it is now available to you anytime online. The database contains more than 4,500 searchable global real estate funds, including more than 800 funds actively seeking to raise a combined $248.9 billion in capital. In addition, you will find data on 400 of the leading infrastructure funds in the industry. 5 things our new real estate database will do for you. 1) You ll Save Time: Perform fund, fund manager or investor searches in minutes anytime of day. Seeing stories connected to organizations in the database means one-stop shopping. 2) You ll Stay Ahead of the Competition: See which funds are currently marketing and which have recently closed. Bring up any new funds to make sure you have every competitor on your radar. See property acquisitions tied to funds. See if you lost any investors to the competition by looking up commitments. 3) You Can Easily Track Trends: Lookup all historical funds to perform research and predict trends. Export any data from the system with our premium-level subscription so you can conduct further analysis in Excel. Go to to request your demo today. 4) Properly Position Your Products See fund fee structures currently used by advisers and commitments being made by investors. 5) You ll Have Real-Time Data: As we get new information, you get new information. In addition to other reports, our popular lists of top investment managers and top investors are included in the standard and premium-level subscriptions to this database. Investor focused. Connecting People, Data, Insights 2274 Camino Ramon, San Ramon, CA USA Ph: Fax:

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