JP Morgan Asset Management has acquired Aviva’s Asia Pacific real estate platform, expanding its presence in the region to Australia, Japan and Singapore.
JP Morgan Asset Management has acquired Aviva’s Asia Pacific real estate platform, expanding its presence in the region to Australia, Japan and Singapore.
The US multinational has been investing in property in India and Greater China since 2006, taking on the investment management of existing real estate funds and portfolios spanning core to value-added investments.
The deal will also see Aviva’s regional team of nearly 50 real estate professionals, based in five offices, join JP Morgan’s 400-strong Global Real Assets team. A sixth office is due to open in Tokyo in early 2015.
The Aviva Asia Pacific fund is valued at around £193.8 mln (€244.4 mln). Aviva Investors’ multi-manager property strategies in the region are not affected.
Joe Azelby, head of global real assets, said: ‘With this acquisition, we have expanded our real estate investment capabilities across the full risk spectrum from core to opportunistic strategies, to help our clients increase their allocations to dynamic growth markets in Asia Pacific.’
Euan Munro, CEO of Aviva Investors, said: ‘As we continue our strategy of simplifying our business and moving towards an integrated operating model and organisational structure, we selected JP Morgan to help ensure stability and continuity for the investors in our Asia Pacific real estate strategies.’
JP Morgan Asset Management manages $82 bn (€66 bn) in property, infrastructure and maritime assets worldwide.
