JP Morgan Asset Management has raised €1.18bn for its fourth European opportunistic property fund, exceeding its target by 47%.
European Opportunistic Property Fund IV received the equity capital from a broad range of global international investors providing a total investment capacity of €4.7bn, the manager said. In December 2015, JP Morgan raised €746.6m for its third European fund.
Fund IV is focused on investing in a portfolio of investments and joint ventures in the office, retail, industrial and residential sectors across the EU, with emphasis on the UK, France and Germany.
JP Morgan said the fund has already committed to transactions representing over 21% of investor commitments.
Anton Pil, the managing partner of JP Morgan Global Alternatives, said: “We continue to see allocations to alternatives grow significantly as investors seek out uncorrelated and high relative value returns.
“Late cycle, discerning investors are expressing strong confidence in tested and proven alternatives managers with the ability and agility to deliver across market environments.”
Peter Reilly, the CEO and head of real estate Europe for JP Morgan Asset Management, said: “In the face of Brexit, trade wars and varying degrees of political and economic turmoil, we are not relying on macroeconomic tailwinds in European real estate to drive returns.
“Instead, results will be achieved by identifying mispriced and/or under invested assets, curing their ills through intensive asset management and delivering high quality properties that credit tenants and core investors are seeking.”
