With only a 7.4% increase, the investor also recorded a slower climb in real estate commitment compared with prior years.
The hiring of Michael Hoverman from CIM Group launches a new vertical for the $76bn US-based real estate manager.
The London firm now counts a sovereign fund among investors in the series, for which it also uses social media marketing to raise capital.
Commitments of $1bn to the asset management behemoth’s real estate strategies in Q2 trail its smaller peers.
However, the average allocation to private real estate across all institutions rose from 6.9% in H1 2022 to 8% in H1 2024.
The executive's promotion to chief of staff follows a senior management reshuffle announced at the end of July.
The manager is offloading 11 properties to REIT Equity Residential in separate transactions.
The €5.1bn acquisition of the insurer’s investment management business by the bank would also see the latter’s real estate business become significantly more diversified.
The manager’s open-ended Evergreen Fund contributed equity to the deal, which was financed by a Corebridge Financial loan.
Owners considering sales may want to bring assets to the market sooner rather than later, says Rasheed Hassan, head of global cross-border investment at Savills.