Equity capital invested into non-listed real estate reached record levels in 2017 with €152.3bn (£132.8bn) raised globally, according to research by the European Association for Investors in Non-Listed Real Estate Vehicles (INREV).





The figure is a 25% increase on the year before. For the third year running, Europe topped the list as the investment destination of choice with 44.1% (€67.2bn) of capital raised destined for the region. Funding into North America accounted for 28.8% (€43.9bn) of total capital, followed by Asia Pacific with 16.4% (€24.9bn).

But the report also revealed that the level of investment into North American and global strategies has been rising year-on-year while the reverse is true of European strategies.

Pension funds and insurance companies were the leading sources of capital last year with the former making up 35.8%, of new capital raised while the latter accounted for 13.2%.

Non-listed funds were the vehicle of choice for fundraising with 55.1% of all capital raised invested into funds. Separate accounts investing directly received 20.7% of the capital.

Looking forward, 69.1% of managers said they expect capital raising into non-listed real estate to increase in the next two years.