The judges selected National Pension Service as a joint winner for its scale, sophistication and global approach to core and core-plus real estate investing. The fund has built a highly diversified platform spanning major markets and sectors, supported by a strong governance framework and institutional expertise. Its ability to execute large, complex developments and transition them into stabilised core assets highlights advanced build-to-core capabilities. NPS combines global expansion with proactive positioning in emerging sectors such as data centres and senior housing, reflecting awareness of long-term structural trends. Strong performance relative to peers and continued portfolio diversification reinforce its position as a leading global real estate investor.

The judges selected PensionDanmark as a joint winner for its highly disciplined core strategy, built on long-term income stability and strong in-house capabilities. The fund has developed an all-weather portfolio supported by vertically integrated teams across investment, development and asset management, ensuring tight control over quality and performance. Its focus on modern, sustainability-certified assets with long leases has delivered consistently low vacancy rates and durable cash flows. The creation of a residential pipeline through land banking and partnerships with municipalities demonstrates forward-looking portfolio evolution. ESG integration is deeply embedded, with a high proportion of certified assets and growing emphasis on biodiversity. Overall, PensionDanmark stands out for execution, stability and strategic clarity.