Institutional investors rush to withdraw around $20 bn from major global real estate equity funds during the fourth quarter of 2022, Invest-Gate reports.

A report by IDR Investment Management, which tracks an index of open-end diversified core equity (ODCE) funds, with a total asset value of $350 bn.

Withdrawals from core funds start to increase in Q3 2022, when UBS Trumbull Property Fund reports that it had over $7 bn in pending withdrawals, accounting for 40% of the firm’s net worth.

Last year, the returns of publicly traded real estate investment trusts dropped 29% YoY due to the rising cost of debt.

As per an investor survey by the London-based investment data company in November, Prequin, 74% of investors believe real estate assets are overvalued.