JPMorgan’s global commercial real estate revenue grew to $806 million in the second quarter of 2023, from $642 million in the first quarter.
Highlights at JPMorgan in Europe include acting as sole financing adviser to Vonovia in its sale of a €1 billion stake in its German property portfolio to Apollo. This is believed to be the first time insurance capital has provided equity to a real-estate player at such a scale.
Vonovia is a leading global residential real estate company with assets of approximately $100 billion.
JPMorgan has also been involved in two transactions involving troubled Swedish property group SBB. In November 2022, it was able to raise more than €800 million for EduCo AB, a subsidiary of SBB that owns school and university real estate, when Brookfield Super-Core Infrastructure Partners acquired a 49% stake in it.
SBB intends using the net proceeds from the transaction to strengthen its liquidity and financial position.
In