The judges selected National Pension Service as a winner for its scale, sophistication and consistent evolution as a global real estate investor. The fund has built a highly diversified portfolio across geographies, sectors and risk-return profiles, supported by both equity and debt strategies. Its ability to manage complexity while maintaining strong cost discipline is particularly notable, with a clear focus on reducing fees and tax leakage across investments. The introduction of a new benchmark portfolio reflects a commitment to refining decision making and improving investment efficiency in an increasingly demanding market environment. The strategy is underpinned by disciplined execution and effective use of scale, including the capability to deliver large and complex projects that enhance returns. NPS stands out for aligning organisational structure with investment objectives, ensuring it remains adaptive and forward looking. Overall, it represents a leading example of institutional real estate investment at global scale.