BMO Real Estate Partners buys three properties for new European prime retail fund

By James Wallace - Tuesday, May 15, 2018 10:10

BMO Real Estate Partners has acquired the first three assets for its second prime European retail fund for a combined €54.2m.

The first two prime assets are located in Verona and Madrid for a combined price of circa €39m. The third property acquired on behalf of the new fund is on Avenida da Liberdade 108, Lisbon’s top luxury shopping destination.

The property was acquired off market for €15.2m and is a mixed-use building comprising 2,104 sqm, including offices and a retail unit which is let to Michael Kors.

The new fund, Best Value Europe II, has been seeded commitments from repeat investors. BMO REP has a short-term €500m target for the fund growing to €1bn over time. 

The predecessor fund is now over 90% invested with a portfolio of 12 assets valued at €700m. BVE II is the fifth high street retail strategy for BMO REP, with a total of over €2.7bn of high street retail assets under management across Europe.

Ian Kelley, fund director Europe at BMO Real Estate Partners, said: “We have a long-term commitment to our specialised high street retail strategy and BVE II will enable us to continue taking advantage of the many opportunities we are seeing across Europe that we believe will deliver attractive returns.”

James Wallace is a freelance consultant and can be reached via Linkedin or email: jawallace32@gmail.com

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