Special Report Top 100 Investors
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ON TOP OF THE DEALS. IN TOUCH WITH THE DEALMAKERS SPECIAL REPORT TOP 100 INVESTORS EUROPEAN SUPER LEAGUE EVOLVES GERMAN PLAYERS DIVERSIFY SWISS TARGET GERMANY DUTCH BATTLE AGAINST BAD IMAGE RANKING & PROFILES MARCH 2013 The link between property and finance™ Catella is a market leading advisor on the European real estate market. In 2012, we advised in transactions valued at EUR 5.8 billion. We offer financial advisory services within; Sales & Acquisitions Debt & Equity Valuation & Research Catella advised DNB Liv in the sale of 133,000 sq.m. shopping centre Kista Galleria in Stockholm. It was the single largest transaction on the Swedish market and an example of the many top market transactions carried out by Catella in 2012. Catella's real estate advisory operations span Europe with operations established in eleven European countries and more than 200 real estate professionals employed. Our sense of innovation and detailed market expertise let us find solutions that meet the ever changing needs of our clients. That’s what makes us the Link between Property and Finance™. catellaproperty.com DENMARK | ESTONIA | FINLAND | FRANCE | GERMANY | LATVIA | LITHUANIA | NORWAY | SPAIN | SWEDEN | UK Annons PropertyEU Investor Guide 2013.indd 2 04/03/2013 12:53:20 CONTENTS A piece of the pie Who are the biggest investment managers in Europe? Where are they based and what are the sources of new capital flows? This special supplement provides insight into the key players and trends Europe’s super league PropertyEU is proud to present the Top 100 investment managers in Europe in our special Mipim edition. Despite the grim economic cli- mate, there are no signs that capital flows into European real estate are about to abate any time soon. Globally sovereign wealth funds 4 are increasing their allocations to real estate and many institutional investors in Europe are doing the same. This special report drills 6 | Global capital flows continue down more deeply into trends in the German Sovereign wealth funds are increasing their allocations to real estate, and Swiss markets and discovers that institu- but institutional investors are still the biggest source of capital tional investors in both these markets are ex- panding their horizons. The supplement also provides a unique over- view of the leading listed and non-listed real 10 | German players diversify estate investors in Europe based on assets German insurance companies and pension funds are beefing up their exposure to property under management. A super league of global players is evolving and, to put it simply, the big are getting bigger. The ranking and profiles in- 12 | Swiss target Germany cluded here are based on figures for end-2011, Swiss investors are expanding their investment horizon to neighbouring Germany and where available more recent figures are included as well. During the next few months, our research team will process the latest fig- 14 | Dutch battle against bad image ures. This summer we will provide an update Despite its bloated office sector and high vacancy rate, the Dutch investment on the ranking, including a broader coverage market offers opportunities and not every investor is writing down of the key investment managers by type and focus in our Investors Yearbook. Our ranking of the leading Dutch invest- ment managers on page 14 provides a taste 18 | IPD on real estate as an asset class of what is to come. Our sister publication The signs for real estate’s role as an asset class are encouraging, says IPD PropertyNL has been covering the Dutch property market for more than 10 years and provides an in-depth overview of the key players according to source and type of capi- 20 | PropertyEU Top 100 Investors tal. Besides rankings for listed and non-list- The 2012 ranking focuses on AUM in Europe and is a prelude ed investment managers, it also covers the to an Investors Yearbook to be published later this year top Dutch pension funds, insurance compa- nies and fund vehicles. The section on the Dutch market is a prelude to what we aim to 22 | Key figures and profiles present for the key countries in Europe. Profiles of the top 100 listed and non-listed investment managers in Europe Judi Seebus, Editor in Chief PROPERTYEU | MARCH 2013 | 3 TOP 100 INVESTORS a piece of the pie In total the top 100 investment managers in Europe have almost €1 tln – or €943 bn – in AUM. That is a big figure that is set to grow further in the coming years. AXA Real Estate, the top player in our 2012 ranking, is on course to retain its lead in 2013 after posting an 8% rise in AUM over 2012. BY JUDI SEEBUS French get the balance right The French listed property sector is the biggest in Europe in terms of as- sets under management. Five – or exactly half – of the top 10 French inves- tors in the PropertyEU ranking are listed companies. The six listed French companies together account for AUM of €76 bn. When it comes to the top players overall, the non-listed sector is larger in France – but only just. The 5 biggest non-listed real estate investment managers in the country have combined AUM of €86 bn, bringing the total for listed and non-listed players combined to €163 bn. TOP 10 FRENCH INVESTORS LISTED UNLISTED NAME AUM €BN 1 AXA Real Estate 42.00 6 Unibail-Rodamco 25.90 13 AEW Europe 18.60 17 Klépierre 16.20 US players muscle in 25 BNP Paribas REIM 12.70 The top 100 includes 13 US players, which is few- 30 Gecina 11.80 er than for Germany which had 18 in total, but 33 Icade 10.00 more than for France (11). The strong US con- 37 Foncière des Régions 9.00 tingent in Europe reflects the dominant position 43 La Française REM 7.10 of US fund managers in the global property fund 57 Amundi Asset Management 5.80 management industry. According to INREV, US RANKING IN TOP 100 players account for 70% of the top worldwide. 4 | MARCH 2013 | PROPERTYEU SPECIAL REPORT Swiss peak in Europe Germany is the odd one out Swiss institutional investors account for a large por- tion of the European investment pie in relation to the PropertyEU’s ranking of top 100 investors contains only three listed Ger- size of the country’s population. Two Swiss invest- man property companies, accounting for €29 bn in assets under manage- ment managers feature in the top 10 in Europe with ment. By contrast, the non-listed property sector accounts for AUM of Credit Suisse Real Estate commanding a €174 bn. However, of this total, about €24 bn is in the process of being position in the top 5. liquidated by open-ended fund managers. IVG Immobilien is the leading listed company in the country, followed by Patrizia. DIC Asset follows at a distance in 87th position. Altogether, Germany accounts for a very small portion of the listed real estate sector in Europe. TOP 10 GERMAN INVESTORS LISTED UNLISTED NAME AUM €BN 7 ECE Real Estate Partners 23.50 10 IVG Immobilien 20.30 11 Deka Immobilien 20.20 14 Allianz Real Estate 17.50 15 SEB Asset Management 17.40* 16 RREEF 17.00 18 Commerz Real 15.50 19 Corpus Sireo Real Estate 15.40 20 Union Investment 15.40 RANKING IN TOP 100 UK heavyweights dominate The UK accounted for the biggest contingent in this year’s PropertyEU ranking of top 100 investment managers. The top 100 contains 27 UK players, excluding the 13 biggest US firms whose European operations are headquartered in London. Tristan Capital Partners is a newcomer at nr 93 with €3.1 bn as of 31 March 2012. TOP 10 UK INVESTORS LISTED UNLISTED NAME AUM €BN 5 Aviva Investors 27.80 8 Aberdeen Asset Management 23.00 18 Prupim 16.20 23 British Land 13.00 Dutch most diversified 24 Legal & General Property 12.90 Dutch real estate investment managers are 26 Henderson Global Investors 12.60 among the most sophisticated and diversified in 28 Schroder Property Investment Management 12.20 the world and include the likes of APG, the in- 29 Land Securities 12.00 vestment vehicle of civil servants pension fund 31 Standard Life Investments 11.20 ABP. Dutch institutional investors also account 32 Scottish Widows Investment Partnership 10.10 for a significant portion – or 40% – of the Euro- RANKING IN TOP 100 pean real estate pie. SOURCE: PROPERTYEU RESEARCH, ALL FIGURES RE FOR END 2011 PROPERTYEU | MARCH 2013 | 5 INTRODUCTION global capital flows continue Sovereign wealth funds are increasing their allocations to real estate, but institutional investors are still the biggest source of capital BY MARIANNE KORTEWEG & JUDI SEEBUS anchester is not the first city in Europe that with the State Oil Fund of Azerbaijan (SOFAZ) one of springs to mind for a real estate investment the latest to join the fray. ‘Sovereign wealth funds have Mby a Chinese sovereign wealth fund. But that grown in significance and scope,’ noted Stephen Barter, is where Gingko Tree Investment, a London-registered chairman of KPMG’s real estate advisory unit. ‘Some, Chinese state-owned fund, forked out £142 mln (€164 like Norges Bank (the investment arm of Norway’s gi- mln) in mid-February together with a consortium of in- ant oil fund), and China’s CIC need to deploy significant vestors led by investment manager RREEF Real Estate. amounts of money. We will see more emphasis on stra- The local media has flagged the deal as a significant one tegic partnerships, with SWFs taking stakes in local part- for the local market as it represents the first time that ners or teaming up with funds to access local markets.’ the wave of Asian investors targeting UK property have taken the plunge in a regional city.