JPMorgan Asset Management has reportedly acquired an office tower in Melbourne for A$286 million ($215 million; €193 million) via its latest pan-Asia real estate fund.
According to reports in the Australian press, the firm has exchanged contracts to acquire 28 Freshwater Place, a 25-storey office building in Melbourne, a deal reflecting an initial yield of 6.6 percent.
Frasers Property Australia and the GPT Wholesale Office Fund were the joint sellers of the property.
The Asia-Pacific Property Fund is JPMorgan Asset Management’s core real estate vehicle in Asia for which the firm is currently raising capital.
Earlier this month, the $306.5 billion California Public Employees’ Retirement System (CalPERS), the largest pension system in the US, announced a $250 million commitment to the fund.
This is not JPMorgan’s only Australian property buy. The firm has reportedly also received a mandate from CalPERS to acquire St Collins Lane, a refurbished shopping mall in Melbourne.
JP Morgan declined to comment on the deal.
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