JP Morgan Asset Management’s core open-ended US property fund has set an investment goal of at least $1bn (€859.5m) for 2025, according to information filed with the Alaska Retirement Management Board.
The JP Morgan Strategic Property Fund will target “extended property” sectors like its recent $200m truck terminal deal with real assets manager Realterm.
The fully leased portfolio, consisting of 471 doors and spanning 312,357sqft across 74.2 acres, is situated in Phoenix, Atlanta, Laredo, El Paso, the Inland Empire, Wichita and central Pennsylvania.
Josh Myerberg, head of portfolio strategy for core and core-plus for JP Morgan, said: “This acquisition reflects our strong presence conviction in highly functional transportation assets and highlights the growing importance of IOS [industrial outdoor storage] in supporting supply chain operations nationwide.”
The Strategic Property Fund – which has a presence in other extended sectors, including single-family rental and industrial assets – is also expected to close a separate $97m deal involving self-storage properties in Southern California with Westport Properties.
Other extended sectors that the Strategic Property Fund has a presence in include single-family rental and industrial.
JP Morgan expects the fund to generate $2bn to $2.5bn in liquidity this year, which will help cover the $2.5bn in redemptions outstanding through June.
The fund, which has a net asset value of $25.6bn and a current contribution queue of $598.7m, targets $3bn in gross asset sales, with about two-thirds of that figure coming from office and retail asset disposals.
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