JP Morgan Global Alternatives is to invest up to €4.7bn (£4.2bn) with its fourth European real estate fund.
The news comes after it announced today the final closing of its fourth fund – European Opportunistic Property Fund IV – with €1.18bn in equity capital.
The fund, which was oversubscribed by 47%, is the fourth in a series of European opportunistic real estate closed-ended vehicles from JP Morgan Global Alternatives, the alternative investment arm of JP Morgan Asset Management.
JP Morgan Global Alternatives has $135bn in assets under management, spanning real estate, infrastructure, transport, hedge funds, private equity, private credit and liquid alternatives.
The fund is focused on investing in a portfolio of wholly owned investments and joint ventures in the office, retail, industrial and residential sectors across the European Union, with emphasis on the UK, France and Germany.
“We continue to see allocations to alternatives growing significantly as investors seek out uncorrelated and high relative value returns,” said Anton Pil, managing partner of JP Morgan Global Alternatives. “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, chief executive and head of real estate Europe for JP Morgan Asset Management, added: “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 underinvested assets, curing their ills through intensive asset management and delivering high-quality properties that credit tenants and core investors are seeking.”
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