| Clarion Lion Properties Fund, LP | Clarion Partners, LLC | $18.41B |
| Blackstone Real Estate Partners X.f L.P. | Blackstone Real Estate Advisors L.P. | $18.26B |
| Blackstone Real Estate Partners Europe VII Scsp | Blackstone Real Estate Advisors L.P. | $15.21B |
| Blackstone Real Estate Partners X L.P. | Blackstone Real Estate Advisors L.P. | $14.01B |
| Blackstone Real Estate Partners Europe VI Scsp | Blackstone Real Estate Advisors L.P. | $12.75B |
| Apg Strategic Real Estate Pool Lpp U.S. LLC | Apg Asset Management US, Inc | $12.25B |
| Invesco Core Real Estate - U.s.a., L.P. | Invesco Advisers, Inc. | $12.07B |
| Blackstone Real Estate Partners IX L.P. | Blackstone Real Estate Advisors L.P. | $9.48B |
| Blackstone Mileway Logistics L.P. | Blackstone Property Advisors L.P. | $9.37B |
| Blackstone Real Estate Partners Asia III L.P. | Blackstone Real Estate Advisors L.P. | $8.86B |
| Blackstone Real Estate Partners Ix.f L.P. | Blackstone Real Estate Advisors L.P. | $8.51B |
| Core Property Index Master Fund, LLC | Idr Investment Management, LLC | $8.07B |
| Eqt Exeter Industrial Value Fund VI, LP | Eqt Real Estate, LLC | $7.72B |
| Carlyle Realty Partners IX | Carlyle Investment Management L.L.C. | $7.34B |
| Carlyle Property Investors, L.P. | Carlyle Investment Management L.L.C. | $6.96B |
| Eqt Exeter Industrial Core-Plus Fund IV LP | Eqt Real Estate, LLC | $6.67B |
| Blackstone Real Estate Partners Asia II L.P. | Blackstone Real Estate Advisors L.P. | $6.51B |
| Blackstone Real Estate Partners Europe V L.P. | Blackstone Real Estate Advisors L.P. | $5.87B |
| Invesco U.S. Income Fund, L.P. | Invesco Advisers, Inc. | $5.74B |
| Blackstone Real Estate Partners Viii.f L.P. | Blackstone Real Estate Advisors L.P. | $5.58B |
| Exeter Europe Logistics Value Fund IV, S.c.sp. | Eqt Real Estate, LLC | $5.44B |
| Cbre Global Alpha Fund Fcp-Sif | Cbre Investment Management Indirect Limited | $5.36B |
| Invesco Commercial Mortgage Income Fund, L.P. | Invesco Advisers, Inc. | $5.11B |
| Exeter Industrial Value Fund V, LP | Eqt Real Estate, LLC | $4.86B |
| S2 Real Estate Fund II, LP | S2 Fund Manager, LLC | $4.83B |
| Greystar Student Housing Growth and Income Trust | Greystar Investment Group, LLC | $4.82B |
| Sculptor Real Estate Fund V, LP | Sculptor Capital LP | $4.59B |
| Kkr Real Estate Partners Americas III Aiv I L.P. | Kohlberg Kravis Roberts & Co. L.P. | $4.25B |
| Sof-12 International Master Fund Scsp | Starwood Capital Group Management, L.L.C. | $4.24B |
| Brookfield Strategic Real Estate Partners Iii-B L.P. | Brookfield Asset Management Pic US, LLC | $4.05B |
| Starwood Distressed Opportunity Fund XII Nre, L.P. | Starwood Capital Group Management, L.L.C. | $4.05B |
| Starwood Distressed Opportunity Fund XII Global, L.P. | Starwood Capital Group Management, L.L.C. | $4.01B |
| Realterm Logistics Income Fund, LP | Realterm Transportation LLC | $3.96B |
| Greystar Equity Partners Europe Fund II Scsp | Greystar Investment Group, LLC | $3.95B |
| Bsrep III Bpy LLC | Brookfield Asset Management Pic US, LLC | $3.94B |
| Europe Logistics Income Partners II Scsp | Ares Management LLC | $3.94B |
| Brookfield Strategic Real Estate Partners Iii-A L.P. | Brookfield Asset Management Pic US, LLC | $3.93B |
| Starwood European Real Estate Debt Finance II, LP | Starwood Capital Group Management, L.L.C. | $3.84B |
| Blackstone Real Estate Debt Strategies V L.P. | Blackstone Real Estate Special Situations Advisors L.L.C. | $3.79B |
| Greystar Equity Partners Europe Fund I Scsp | Greystar Investment Group, LLC | $3.75B |
| Prime Property Fund Asia Limited Partnership | Msref Real Estate Advisor, Inc. | $3.68B |
| Banner Oak Enhanced Core Venture, LP | Banner Oak Capital Partners, LP | $3.66B |
| Kayne Anderson Real Estate Partners VI, L.P. | Kayne Anderson Capital Advisors, L.P. | $3.64B |
| Bpy Retail Holdings LLC | Brookfield Asset Management Pic US, LLC | $3.62B |
| Sabal Strategic Opportunities Fund, LP | Sabal Investment Advisors, LLC | $3.6B |
| Blackstone Real Estate Debt Strategies V - C L.P. | Blackstone Real Estate Special Situations Advisors L.L.C. | $3.52B |
| Brookfield Strategic Real Estate Partners Iii-C L.P. | Brookfield Asset Management Pic US, LLC | $3.49B |
| Brookfield Strategic Real Estate Partners Iv-B L.P. | Brookfield Asset Management Pic US, LLC | $3.43B |
| Msd Hospitality Partners, L.P. | Msd Partners, L.P. | $3.41B |
| Prudential Retirement Real Estate Fund II LP | PGIM, Inc. | $3.41B |