Tue, 15/05/2018 - 10:07
BMO Real Estate Partners (BMO REP) has launched the second fund in its Best Value Europe series, Best Value Europe II (BVE II), following seed commitments from repeat investors.
This ensures BMO REP can continue capitalising on the strong pipeline of investments already established for the Fund, following its initial acquisitions of two prime assets in Verona and Madrid for a total of circa EUR39 million.
The short-term objective for the Fund is a Gross Asset Value of EUR500 million and then growing in the medium-term upwards of EUR1 billion. Like its predecessor, which is now over 90 per cent invested with a portfolio of 12 assets totalling over EUR700 million, BVE II will focus on selective, high-quality retail investment opportunities in prime shopping streets within major European cities.
The third property acquired on behalf of the Fund is a trophy asset on Avenida da Liberdade 108, Lisbon’s top luxury shopping destination. The property has been acquired, off market for EUR15.2 million. The asset is a fully refurbished mixed-use building comprising 2,104 sqm, including offices and a retail unit which is let to Michael Kors.
BVE II represents the fifth high street retail strategy for BMO REP, confirming its expertise and leadership within this niche segment, with a total of over EUR2.7 billion of high street retail assets under management across Europe.
Ian Kelley, Fund Director Europe at BMO Real Estate Partners, says: “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. Having expanded our team in Paris, we are in an even stronger position to execute our on-the-ground approach in identifying and unlocking assets that meet our strict investment criteria.”
Iris Schoeberl, Managing Director Germany and Head of Institutional Clients at BMO Real Estate Partners, says: “The launch of BVE II demonstrates our consistent track record in delivering returns in this specialised area of the retail market and one which we see as very resilient in the current climate, whilst offering a strong income based return. This focused investment strategy has resonated with our clients, who continue to support our approach through repeat investments.”
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