Key Takeaways
- • Global real estate assets under management surged 19% to $4.5 trillion at end-2025, the first annual increase since the 2021 market peak, signaling sustained recovery in investor confidence after three years of contraction.
- • CapitaLand Investment claimed the top position in Asia Pacific real estate AUM, dethroning 2024 leader ESR, with S$125 billion ($97 billion) in funds under management as of March 2026, with over 90% deployed in the Asia Pacific region.
- • The top five Asia Pacific real estate managers are now CapitaLand Investment, Charter Hall (Australia), GLP Capital Partners (China-focused), ESR, and Mapletree Investments, reflecting a significant reshuffle from 2024's rankings.
- • The return to core real estate strategies represents "genuine conviction in the underlying fundamentals of the asset class" rather than defensive positioning, according to ANREV research director David Green-Morgan, indicating broadening institutional confidence beyond cyclical recovery.
- • The 19% rebound marks the second-highest AUM total in the sector's recent history, trailing only the 2021 peak of $4.7 trillion, according to the Fund Manager Survey 2026 by ANREV, INREV, and NCREIF.
Summary
Global real estate has entered a decisive recovery phase. Assets under management climbed to $4.5 trillion at the end of 2025, up from $3.8 trillion the prior year—a 19% jump that represents the sector's first annual increase since peaking at $4.7 trillion in 2021. The rebound reflects a three-year contraction period followed by a sustained recovery in investor appetite for real estate vehicles, marking a structural shift in market sentiment toward the asset class. The data comes from the Fund Manager Survey 2026, published by ANREV (Asian Association for Investors in Non-Listed Real Estate Vehicles), INREV (European counterpart), and NCREIF (Chicago-based fiduciary association).
CapitaLand Investment, Singapore-listed and controlled by Temasek, has ascended to the leadership position in Asia Pacific real estate asset management, displacing industrial-focused ESR, which held the top ranking for two consecutive years. CapitaLand Investment reported S$125 billion ($97 billion) in funds under management as of March 2026, with more than 90% concentrated in the Asia Pacific region. The manager's rise signals a strategic shift in the region's capital allocation preferences. The Asia Pacific top five now comprises CapitaLand Investment, Australia-based Charter Hall, China-focused GLP Capital Partners, ESR, and Mapletree Investments—a material reshuffle from 2024's rankings.
Institutional investors are demonstrating confidence beyond cyclical recovery mechanics. David Green-Morgan, ANREV's director of research and professional standards, characterized the capital reallocation toward core real estate strategies as reflective of "genuine conviction in the underlying fundamentals of the asset class" rather than defensive rotation. This assessment underscores that managers and institutional allocators are not merely repositioning portfolios in response to temporary market dislocations, but rather repositioning based on fundamental views of real estate's forward-looking return profile and diversification benefits. The magnitude of the AUM recovery—reaching levels just below the 2021 peak—suggests that the sector has successfully navigated post-pandemic volatility and interest-rate headwinds, allowing institutional capital to resume growth trajectories.
CapitaLand Investment, Singapore-listed and controlled by Temasek, has ascended to the leadership position in Asia Pacific real estate asset management, displacing industrial-focused ESR, which held the top ranking for two consecutive years. CapitaLand Investment reported S$125 billion ($97 billion) in funds under management as of March 2026, with more than 90% concentrated in the Asia Pacific region. The manager's rise signals a strategic shift in the region's capital allocation preferences. The Asia Pacific top five now comprises CapitaLand Investment, Australia-based Charter Hall, China-focused GLP Capital Partners, ESR, and Mapletree Investments—a material reshuffle from 2024's rankings.
Institutional investors are demonstrating confidence beyond cyclical recovery mechanics. David Green-Morgan, ANREV's director of research and professional standards, characterized the capital reallocation toward core real estate strategies as reflective of "genuine conviction in the underlying fundamentals of the asset class" rather than defensive rotation. This assessment underscores that managers and institutional allocators are not merely repositioning portfolios in response to temporary market dislocations, but rather repositioning based on fundamental views of real estate's forward-looking return profile and diversification benefits. The magnitude of the AUM recovery—reaching levels just below the 2021 peak—suggests that the sector has successfully navigated post-pandemic volatility and interest-rate headwinds, allowing institutional capital to resume growth trajectories.
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