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Commercial Property News
JP Morgan advises on commercial property acquisition
JP Morgan Asset Management's Real Estate Europe has helped with the acquisition of commercial property in London.
Exchequer Court, on St Mary Axe in the City, has been acquired by a fund advised by the group and comprises of 146,000 sq ft of commercial property space.
The business space is located across six office floors, as well as four ground floor retail units.
JP Morgan Asset Management's Bradley Larsen, co-head of acquisitions, said the business property offers "an attractive capital value per square foot, relatively high initial yield and beneficial average rent rate per square foot, given the consensus forecasts for growth in the City of London in the medium term".
Exchequer Court was acquired from a client fund managed by Invista Real Estate Investment Management.
JP Morgan has £6.3 billion in assets under management - as of February 28th 2010 - and is the UK's largest investment trust manager.
Exchequer Court, on St Mary Axe in the City, has been acquired by a fund advised by the group and comprises of 146,000 sq ft of commercial property space.
The business space is located across six office floors, as well as four ground floor retail units.
JP Morgan Asset Management's Bradley Larsen, co-head of acquisitions, said the business property offers "an attractive capital value per square foot, relatively high initial yield and beneficial average rent rate per square foot, given the consensus forecasts for growth in the City of London in the medium term".
Exchequer Court was acquired from a client fund managed by Invista Real Estate Investment Management.
JP Morgan has £6.3 billion in assets under management - as of February 28th 2010 - and is the UK's largest investment trust manager.
Fri, 12th Mar 2010