JP Morgan Asset Management has acquired the Asian real estate investment management platform of Aviva Investors.
Aviva Investors chief executive, Euan Munro, says his firm is selling the platform, which operates in Australia, Japan and Singapore, to simplify its business.
"With this acquisition, we have expanded our real estate investment capabilities, across the full risk spectrum from core to opportunistic strategies," says Joe Azelby, head of global real assets at JP Morgan Asset Management.
Aviva Investors says it remains present in Asia through its real estate multi-manager operations, which manage £5.6 billion (€7.1 billion) of real estate assets, and in its Asian fixed income division.
JP Morgan Asset Management has invested in Asian property since 2006 and manages $82 billion (€66 billion) in property, infrastructure and maritime assets globally.
The firms did not specify the terms of the transaction.
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