BERLIN-German institutions could invest up to $10 billion into non-listed real estate funds during the next three years and the total universe is expected to grow to $29 billion from $19.6 billion now, according to the latest survey by the Amsterdam-based property funds association Inrev.

Its Investor Universe Germany Survey 2010 found that this year overall some $32 billion is predicted to be invested in real estate as an asset class. Current real estate exposure of German institutions at $69 billion is significantly below target allocations of $104 billion. “If investors exploit their current full real estate target allocations an additional $31 billion will enter the market,” according to the association. “A further $1.5 billion will come from increased allocations creating a total institutional real estate market of $105 billion.

Research Director Lonneke L