Blackstone Group pushed past Brookfield Property Partners last year to become, yet again, the world’s largest real estate manager.

Blackstone grew its real estate assets to $160B in 2016, marking a 6% increase, while Brookfield ended the year in second place with $158B in assets, The Real Deal reports. Third place went to Prudential Financial’s PGIM, with $130B in real estate assets, and TH Real Estate took fourth place with $103B under management.

In total, property managers raised $137B in new capital over the course of 2016, slightly less than the 2015 record of $139B, according to Inrev data. Inrev research director Henri Vuong said it is becoming harder for managers to deploy new capital as record investment levels have pushed up prices. Yet Blackstone global head of real estate Jonathan Gray said recent large capital flows do not necessarily indicate a bubble. "We are not seeing the same excesses that we saw in the pre-crisis years," Gray said.