JP Morgan acquires UK retail park

The Wall Street firm, whose European property fund business is based in London, has paid £32 million for Georges Retail Park in Leicester, UK.

JP Morgan Asset Management has acquired a UK retail park for around £32 million (€34 milion; $49 million) from listed UK vehicle, the Junction Fund.

Capital & Regional, which owns a minority stake in the retail park specialist tJunction Fund, said the proceeds would go towards reducing debt.

The company did not specify which fund managed by JP Morgan had acquired the asset. In Europe, the firm runs an open-ended core and core plus fund as well as an opportunity vehicle raised last year.

JP Morgan has acquired Georges Retail Park in Leicester in conjunction with operating partner, Kirkstone, a firm set up by former directors of former UK developer, Stannifer. In March, the pair teamed up to buy the Old Market Centre in Taunton , Somerset. The centre was sold by Standard Life Investments for close to £50m.

At the time, Kirkstone said the UK property market presented opportunities for “entrepreurial buyers” who had the ability to add value through asset and development management.