JPMAM acquires Exchequer Court

J.P. Morgan Asset Management's Real Estate (Europe) is pleased to announce that a fund advised by the Group has acquired Exchequer Court, 33 St Mary Axe, from a client fund managed by Invista Real Estate Investment Management.

Located in the City, the fully let building comprises 146,000 sq ft spread across 6 office floors and contains four ground floor retail units. The asset provides a number of asset management opportunities to be pursued in the medium term for the acquiring fund.

Bradley Larsen, Co-head of Acquisitions at J.P. Morgan Asset Management commented, "This high quality prime property fits perfectly within the funds existing pan European portfolio, offering 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." 

J.P. Morgan Asset Management received legal advice from law firm Wragge & Co.