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JPMorgan acquires $215m Australia office

JPMorgan Asset Management has acquired the 28 Freshwater Place via its pan Asia core real estate fund.

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.