Funds and REITs break through the 5 trillion euro mark

Listed and unlisted real estate funds continue to dominate the European market, with a share of over 66.5%. In Italia, real estate funds show a particularly positive dynamic: the 715 funds active at the end of 2025 held assets of 149.5 billion euro, up 7.6% compared to 2024. Their weight on the European total exceeds 14% in terms of Nav.

On a global level, the REIT sector shows a multifaceted dynamic: while capitalisation fell by more than three percentage points, the value of real estate assets grew by 4.6 per cent. The total capitalisation exceeds EUR 1,865 billion, with an increase in the number of vehicles of 32.
The United States remains the absolute leader, with a share of more than 67 per cent of the global market and a capitalisation of EUR 1,255 billion. The comparison with 2024 shows a decline from the previous 1,369 billion, or more than eight percentage points in euros, but a growth of 3.4 % in dollars, or an additional 48 billion dollars. The number of vehicles remains stable at 173, with an average capitalisation of more than EUR 7.25 billion, the highest in the world. In second place is Australia, with an average capitalisation of about 40 % of that of the US.

Asian REITs are growing again, with a capitalisation increase of 7.6 % and eight more vehicles. Their weight in the global capitalisation is close to 12% and, considering the entire Asia-Pacific segment, reaches levels equal to 1.7 times those of Europe. Australia, Japan and Singapore lead the regional market with shares of 32%, 28.5% and 18% respectively. The aggregate capitalisation of the three countries reaches almost EUR 275 billion out of a regional total of about EUR 347.5 billion. Investor interest is growing thanks to stabilising inflation, falling interest rates and improving real estate spreads.

Europe ranks third globally in terms of REIT capitalisation, with a value of approximately EUR 191 billion. The number of vehicles rises to 282, up by 24 from 2024. Capitalisation increases by almost 13%, while the weight in the global market exceeds 10%. The real estate assets of European REITs reach approximately EUR 570 billion, or 14.9% of the global market. The portfolios are growing by 2.9 %, with a dynamic sustained mainly by the Spanish market.
In the United Kingdom, the number of REITs fell from 42 to 41, confirming a phase of market consolidation. Capitalisation grew by 7.3 % to over GBP 54 billion. In euro, the value stands at about 64 billion, up 4.9 per cent. The top ten UK REITs have a capitalisation of around GBP 39.2 billion, up from GBP 36.3 billion in 2024. Average yields stand at 5.3 per cent, up from 4.8 per cent in 2024, with a range of 2.7 to 7 per cent.

French Siiics are experiencing a strong rebound, with capitalisation growth of more than 20% in 2025. The total value exceeds EUR 54.5 billion, an increase of around EUR 9 billion on the previous year. The number of vehicles remains stable at over 20, gradually approaching the threshold of 25 listed companies. The average capitalisation remains the highest in Europe, at around EUR 2.4 billion. Spanish companies show a marked change of pace in 2025, with a growth of almost 20% in capitalisation. The top ten concentrate more than EUR 16.2 billion or 66.5 % of the market total. Merlin Properties and Inmobiliaria Colonial remain leaders with portfolios in excess of EUR 11 billion. The number of vehicles is growing thanks to the entry of new players, with 65 companies listed on the Bme Growth and 33 on the new Bme Scaleup.

In the Netherlands, the capitalisation reaches about EUR 3 billion, or 40 per cent of 2022 levels. Eurocommercial Properties accounts for about half of the market with more than EUR 1.43 billion capitalisation. In Germany, the market shrinks to EUR 900m, a drop of more than 60 per cent year-on-year. The average capitalisation drops to around EUR 180 million, accounting for 0.5% of the European total. In Ireland, there is only one active REIT left, with a capitalisation of €550m. In Greece there are eight vehicles, with a capitalisation growth of more than 10 %. In Italia, Siiqs remain marginal, with two vehicles and a weighting of less than 1 % of the European market.
The average European yield in 2025 stands at 4.6 %, with the highest values in the Netherlands (7 %) and the United Kingdom (6.3 per cent), France, Spain, Germany and Belgium are around 4 %, with substantial stability.