JPMorgan, UBS Property Funds May Get $100 Million Investments
Bloomberg reports: JPMorgan Chase & Co. and UBS AG property funds may receive investments of as much as $100 million each from the Tennessee Consolidated Retirement System as the pension plan seeks to boost real estate holdings.
The Tennessee system, with $29 billion in assets, is considering putting money in the open-ended JPMorgan Strategic Property Fund and the UBS Trumbull Property Fund, according to a report prepared for pension board trustees. Townsend Group, the system’s real estate consultant, recommends the funds to clients, according to the report.
The Tennessee retirement system plans to invest $1 billion in real estate over the next five years. U.S. property purchases have plunged since 2007 as values fell and financing dried up. This year, commercial real estate sales likely will be double the $52 billion recorded in 2009, while still below their $500 billion peak, according to Real Capital Analytics Inc., a New York-based research company.
View the full article on Bloomberg: JPMorgan, UBS Property Funds May Get $100 Million Investments
Articles related to this topic:
REITs - Blind Pool Party
Private Equity Preparing for Property Boom
Posted by: Mark Alferman