The world’s 10 wealthiest real estate companies—none of them actually build houses!

For instance, to enter the Chinese market, in June 2019 Blackstone partnered with China’s leading industrial group via its real estate fund, laying the groundwork for joint development of logistics parks nationwide. Globally, in June 2019, Blackstone acquired a portfolio of U.S.-based industrial logistics assets from GLP for $18.7 billion—comprising warehouses totaling 179 million square feet (approximately 1.66 million square meters). Just one month later, in July, Blackstone invested over 100 billion Japanese yen to acquire multiple logistics facilities across Japan—clearly signaling its ambitious push into logistics. Looking at Blackstone’s acquisition and investment activity since 2019, the firm is now intensifying its focus on India and logistics assets. In fact, examining Blackstone’s portfolio reveals that its investments are rarely ‘trendy’. Rather, they span industries such as cable television, rural cellular telephony, oil refining, automotive parts, semiconductors, real estate, hotels, tourism, gaming, healthcare, and food. In terms of acquisition strategy, Blackstone appears to favor partnerships with Fortune 500 companies rooted in the real economy. TOP 2 Brookfield Asset Management Brookfield Founded in 1899 and headquartered in Toronto, Brookfield operates in over 30 countries and employs 150,000 people—including more than 1,000 professional investors. As of the end of March this year, Brookfield managed $519 billion in assets across five core areas: real estate, infrastructure, renewable energy, private equity, and credit. As one of the world’s largest real estate investors, Brookfield owns office, retail, multifamily, logistics, hospitality, self-storage, triple-net lease, industrial housing, and student housing assets across all five continents. Its real estate business is concentrated primarily in Europe, the Middle East, and Australia, with key holdings including residential properties, hotels, retail centers, and office buildings. In China, Brookfield’s growth has centered on its real estate investment portfolio—encompassing office, retail, and logistics assets—and it maintains an office in Shanghai. The United States remains Brookfield’s primary market—a fact confirmed by the geographic distribution of its current asset holdings. According to reports from Canadian publishers, in early May this year, Brookfield announced a $5-billion initiative to invest in cash-strapped retail businesses and operations—with a focus on companies generating over $250 million in annual revenue. Given its direct interest in retail success, Brookfield has made substantial investments in shopping malls and other retail properties, which collectively account for roughly one-third of its managed real estate assets—concentrated predominantly in the U.S. Moreover, in its Q1 2020 earnings report, Brookfield’s Co-CEO and Executive Partner of Real Estate noted that the firm currently owns 170 properties across the U.S., including nearly 150 million square feet of high-quality retail real estate spanning 43 states—making it one of America’s largest owners and operators of enclosed shopping malls.

"It was Jensen Huang who came to us!" Wall Street’s six largest financial institutions join forces with NVIDIA to unlock $50 billion: For the first time, computing power has become a collateralizable asset…

Jon Gray: First, I have to say—this is truly outstanding. Our capital markets are enormous—and that scale itself is one of America’s greatest competitive advantages. Consider this: every year, we provide roughly $700 billion in financing to the auto industry—and trillions of dollars to the housing market. I believe AI compute will ultimately evolve into a similarly massive market—and the fundamental driver behind that evolution is simple supply-and-demand. Take our portfolio companies as an example: over the past six months, demand for large language models has surged roughly sevenfold. Yet compute supply has not kept pace. Data centers are insufficient; electricity is insufficient; chips are insufficient. So what happens next? Investors begin recognizing that compute itself is a financeable asset. Here’s an analogy: When you buy a house, banks assess your credit—but they also appraise the property’s value. When airlines purchase aircraft, lenders evaluate the airline’s creditworthiness—but they also assess the aircraft’s intrinsic value. A key constraint in AI infrastructure financing has been that many investors say, “My risk exposure to any single hyperscale cloud provider can only go so far,” or “My exposure to any foundational model company is capped.” But if investors truly grasp that—regardless of who ultimately uses these assets—the compute itself holds strong, inherent value, everything changes. Especially NVIDIA: Its GPUs and CUDA software offer exceptional versatility and flexibility. I believe capital markets will eventually recognize this opportunity. Of course, if the overall market expands rapidly, financing spreads may widen. But long term, once investors fully internalize both the magnitude of the compute supply-demand gap and the intrinsic value of that compute, capital will flood in. Bruce Flatt: Let me add one point. Infrastructure has always been Brookfield’s core business—from the company’s earliest days, we’ve built infrastructure. Initially, that meant energy: hydroelectric, solar, wind, natural gas—and later, data centers. Now, through our collaboration with Jensen Huang and NVIDIA, we’re moving to the next layer—not just financing these projects, but directly building compute infrastructure. What we’re seeing today is unequivocal: power generation capacity is never enough; compute capacity is never enough—neither can keep up with the explosive demand Jon just described. So the real question isn’t whether the sector is over-financed. The real issue is that we simply aren’t building fast enough. IV. Structuring capital flows appropriately Becky Quick: But ultimately, the question always circles back: Can this demand be sustained? Jensen—you likely see farther ahead than anyone here. Is it possible that, yes, supply currently lags demand—but that demand could shift over time? Bruce Flatt: Jensen certainly has deep insights on this question. But let me share what we’re observing ourselves. Within our portfolio of industrial enterprises, we’ve only just begun deploying AI.

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