NEW YORK, Oct. 19, 2016 /PRNewswire/ -- J.P. Morgan
Asset Management – Global Real Assets today announced it is serving
as investment manager for Samsung SRA Asset Management's first U.S.
office mezzanine debt fund. Samsung SRA, the real estate asset
management subsidiary of Samsung Life Insurance, launched the fund
to provide Korean institutional investors access to mezzanine debt
on stable core office assets in six U.S. central business districts
– New York, Boston, Chicago, San
Francisco, Washington, DC
and Los Angeles.
Samsung SRA surpassed its targeted capital raise of $200 million and closed the fund at $270 million. With J.P. Morgan Asset Management
as a local manager, the fund expects to deploy the full capital
raised in less than a year by acquiring fixed-rate mezzanine notes
of up to $150 million, with a
loan-to-value ratio of up to 65%. The Fund has already closed
its first investment, a $108.5mm
subordinate debt position on a Class A office tower in Chicago.
"This partnership with J.P. Morgan Asset Management marks a new
phase of growth for us as we build on our successes in global real
estate investing with our first commingled mezzanine debt fund,"
said Young Chai, CIO at Samsung SRA.
"J.P. Morgan Global Real Assets' unparalleled reputation,
on-the-ground teams and in-house experts will help maximize deal
access and accelerate underwriting speed, thereby delivering
superior risk-adjusted returns for our investors."
"The fund's over subscription points to the attractiveness of
Samsung SRA's real estate investment track record, as well as its
well-timed strategy in a yield-starved marketplace," said
Candace Chao, Head of Mezzanine
Acquisitions for J.P. Morgan Asset Management – Global Real Assets.
"Mezzanine debt can help provide investors the yield and
diversification they seek, as well as tax-efficient exposure to the
U.S. real estate market for non-U.S. investors."
Established in 2012, Samsung SRA has been an active investor in
real estate equity and debt in the US, Europe and Korea on behalf of both Korean and
international investors, with a net AUM of over $2 billion. J.P. Morgan Asset Management – Global
Real Assets has $61 billion in U.S.
real estate assets under management, including $17.4 billion in asset-level
debt.
About J.P. Morgan Asset Management – Global Real
Assets
J.P. Morgan Asset Management – Global Real Assets has
more than $95 billion in assets under
management and more than 400 professionals in 20 offices throughout
the Americas, Europe and
Asia Pacific, as of June 30, 2016. With a 45-plus year history of
successful investing, J.P. Morgan Asset Management – Global Real
Assets' broad capabilities provide many of the world's most
sophisticated investors with a global platform of real estate,
infrastructure and transportation strategies driven by local
investment talent with disciplined investment processes
consistently implemented across asset types and regions. For
more information: jpmorgan.com/institutional/global_real_assets
About J.P. Morgan Asset Management
J.P. Morgan Asset
Management, with assets under management of $1.8 trillion, is a global leader in investment
management. J.P. Morgan Asset Management's clients include
institutions, retail investors and high net worth individuals in
every major market throughout the world. J.P. Morgan Asset
Management offers global investment management in equities, fixed
income, real estate, hedge funds, private equity and liquidity.
JPMorgan Chase & Co. (NYSE: JPM), the parent company of J.P.
Morgan Asset Management, is a leading global asset management firm
with assets of approximately $2.5
trillion and operations worldwide. Information about
JPMorgan Chase & Co. is available at
www.jpmorganchase.com.
J.P. Morgan Asset Management is the marketing name for the asset
management businesses of JPMorgan Chase & Co. and its
affiliates worldwide.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/jp-morgan-asset-management-teams-up-with-samsung-sra-for-new-mezzanine-debt-fund-300347638.html
SOURCE J.P. Morgan Asset Management