Investors piled a record €359bn (£300bn) into European property last year, targeting homes and warehouses as they pulled back from pandemic-hit offices and shops.

According to CBRE, institutional investors, family offices and sovereign wealth funds have shifted focus to BTR, investing €102.6bn – 42% more than in 2020.

Investors also spent €111bn on offices last year, but with uncertainty hanging over the future of work, that figure was 20% below 2019 levels.

Investment in the logistics sector increased by 48% year-on-year to €62bn in 2021, boosted by major transactions including Blackstone’s £1.7bn acquisition of supermarket chain Asda’s warehouses.

But investment volume into retail property was down 11% on 2020, at €35.2bn.