JPMAM experiences flurry of leasing activity across Europe

J.P. Morgan Asset Management's European Real Estate Group announces it has signed, on behalf of institutional investors it advises, in excess of 40,000 square metres of new real estate leases at properties it manages throughout Germany, Belgium and France in the second quarter of 2010 - more than double the level leased in the first quarter of the year.

The majority of the new leasing activity took place in Germany.  The largest deals include The City of Dresden taking space at the World Trade Centre (Dresden), TKMaxx taking space at the Forum City Mall (Muelheim) and Kone taking space at the WEB building (Brussels).

J.P. Morgan Asset Management's European Real Estate Group has grown significantly over the last year and now manages office, retail and industrial assets in excess of 1.2 million square metres across most of the main European markets. The Group believes that leasing activity has accelerated in response to occupiers' views that rents have stopped declining and that it makes sense for tenants to commit to new space requirements now at a low point in the real estate cycle.

Scott MacDonald, Portfolio Manager for the European Real Estate Group's largest property fund, comments, "The leases signed in the second quarter show a significant increase over the first quarter and demonstrates that the increased interest from occupiers we noticed toward the end of 2009 and into early 2010 is now being acted upon. Based upon lease negotiations currently underway, we expect to announce further positive leasing results throughout the remainder of the year.  We believe that this gradually improving leasing market should encourage investors to selectively consider allocating to value-add property investments."