Canada Pension Plan Investment Board (CPP Investments) continues to hold one of the world’s most valuable real estate portfolios — positioned 10th in IPE Real Assets’ recently released 2022 rankings of global real estate investors. However, with roughly USD $38.75 billion (CAD $49 billion) in real estate assets under management (AUM), it has slipped two notches from 8th place status in 2021.
Real estate accounts for about 9 per cent of CPP Investment’s total asset value, which is pegged at USD $430.6 billion (CAD $544.3 billion), and represents about 6.6 per cent of the real estate value that the top ten investors hold. IPE, a European based investment analyst and news service, reports the 150 global investors it surveyed collectively hold about USD $1.83 trillion in real estate assets, while the top 10 boast a 44 per cent share of that, or approximately USD $583.6 billion in real estate AUM.
This year’s leaders include five sovereign wealth funds, three pension funds and two global investment managers. Seven of the investors also made the top 10 in 2021.
The German-based international investment manager, Allianz, continues in the number one spot this year, with nearly USD $91.5 billion in real estate assets under management. That equates to about 7 per cent of Allianz’ total assets and 15.6 per cent of the top 10’s real estate AUM.
Norway’s Government Pension Fund Global ranks second with USD $65 billion in real estate AUM, followed closely by the Dutch pension fund, APG, which has approximately USD $64.8 in real estate AUM, and China Investment Corporation with USD $64.5 billion in real estate AUM.
The remainder of the list, from the 6th to 9th rankings, includes: Abu Dhabi Investment Authority (ADIA); Singapore’s sovereign wealth fund, GIC; Qatar Investment Authority (QIA); France-based global investment manger, AXA; and California State Teachers Retirement System (CalSTRS).
Swiss Life, the U.S. Teachers Insurance & Annuity Association (TIAA) and California Public Employees Retirement System (CalPERS have slipped from the top 10 this year after counting among them in 2020 and 2021.
Government Pension Fund Global and GIC are new to the top 10 for this decade, while Qatar Investment Authority returns from a one-year absence after previously ranking 10th in 2020. In 2022, QIA rises to the sixth spot, with USD $48 billion in real estate AUM, equating to 16.3 per cent of the total value of its holdings.
