JPMorgan Fleming Asset Management has announced plans to expand into the real estate business in Europe via a new arm, JPMorgan Fleming European Real Estate.
The firm says it is aiming to emulate its US real estate business where it manages US$18.1bn (e14.9bn) of real estate assets on behalf of over 150 institutional clients.
Peter Reilly, managing director
and chief investment officer, will
be responsible for building the
new business.
As part of the new European drive, JPMorgan Fleming has also poached Nick Tyrell from Deutsche Bank Real Estate as head of European research and strategy.
Tyrell had been head of European real estate research at Deutsche.
Reilly comments: "Nick's appointment sends a very clear message that
JPMorgan Fleming is serious about its intentions in growing a European real estate business."
"We are very excited about the potential for this business and plan to focus initially on value-added investment opportunities throughout Europe."
The team continues to be responsible for overseeing the European investment activity of the Peabody Funds, co-sponsored by JPMorgan Partners and O’Connor Capital Partners. The Peabody Funds are two closed-end global real estate investment funds with over US$2.0bn of assets located throughout the U.K. and Continental Europe.
A recent survey by JPMorgan Fleming found that 70% of institutions in Europe currently invest in real estate.