JP Morgan Asset Management is poised to clinch two large assets with a collective value of about AUD550m (β¬3769m) in Melbourne.
Industry sources told ΒιΆΉΣ³» Real Estate that, having agreed commercial terms, JPMorgan was now in due diligence on the Twenty8 Freshwater prime office asset at Southbank.
JP Morgan has emerged as the most likely buyer from a field of domestic and offshore institutional investors keen to secure the building, jointly owned by the GPT Group and Frasers Property.
Colliers International Capital Advisors, which is handling the sale, said the office tower was expected to sell for as much as AUD300m.
A source told ΒιΆΉΣ³» Real Estate a deal was expected to be finalised βwithin weeksβ.
JP Morgan is also undertaking due diligence on a Melbourne central business district retail asset, the Collins Street Mall, owned by Investment Management.
The asking price is around AUD250m.
JP Morgan has sold most of the Australian assets it inherited from , including a portfolio of industrial assets sold to AMP Diversified Property Fund for AUD250m in June.
Industry sources in Asia said the global manager was planning an Asia-Pacific core fund and looking to ramp up its investment in the region, including Australia.
