Blackstone was the top cross-border buyer during the COVID era, according to new data from Real Capital Analytics.

While Blackstone purchased roughly $18 billion in assets from Q2 2020 to Q1 2021, it bought very little in North America. But it was very active in Europe and Asia, according to RCA. Landing second on the list, GIC bought more than $8 billion. While it made sizable acquisitions in all four regions (North America, Europe, Asia and the Pacific), it was most active in Asia.

AXA Group, the No. 3 investor on the list, with around $7 billion in purchases, was also active in all four regions. Still, its purchases were most concentrated in Europe, according to RCA. Landing fourth on the list with more than $6 billion in investments, Allianz made the bulk of its purchases in Europe and the Pacific, though it did have some transactions in Asia and North America. Brookfield AM was fifth on the list with around $4 billion in investments. It concentrated mainly on North America and Asia.