JP Morgan Asset Management – Global Real Assets has raised €747 mln - 25% above the equity target - for its third closed-end European property fund.
JP Morgan Asset Management – Global Real Assets has raised €747 mln - 25% above the equity target - for its third closed-end European property fund.
The asset manager that the discretionary fund is expected to acquire up to €3 bn of office, retail, industrial and residential properties in core EU markets.
'We are not making macro bets on the region’s economy. Our focus is on asset selection where we can drive results with refurbishment, leasing and change of use,' said Pete Reilly, CEO and head of real estate Europe for JP Morgan Asset Management – Global Real Assets.
JP Morgan Asset Management – Global Real Assets has more than $87 bn (€79 bn) in assets under management and 400 professionals in the US, Europe and Asia Pacific, as of end-September 2015.
The 50-strong real estate team has already invested €220 mln of the fund’s commitments in six transactions in Berlin, Paris, Southeast England, Cologne and Hannover. The volume represents 29.4% of the fund’s total commitments.
The team operates from offices in London, Paris, Frankfurt and Luxembourg.
