BMO REP launches best value Europe II
BMO Real Estate Partners (BMO REP) has launched the second fund of its best value Europe series – Best Value Europe II.
The aim of the fund is to generate a short-term investment volume of €500m and increase it to up to €1bn in the medium term. Like its predecessor fund, which is now over 90% invested and comprises a portfolio of 12 properties with a total value of more than €700m, the BVE II will focus on investment opportunities in select, high-quality retail properties in major shopping streets in major European cities.
The third acquisition, which BMO REP has already made for the fund, is a coveted property in Lisbon’s most popular luxury shopping district, on Avenida da Liberdade 108. The property was acquired off market for €15.2m. It is a fully refurbished, mixed-use building with an area of 2,104 square meters, including office space and a retail space leased to Michael Kors.
In Europe, BMO REP now has more than €2.7bn in assets under management in the retail sector.
BMO REP is part of the global asset management business of the Canadian BMO Financial Group, whose total assets under management amount to € 216.8 billion (as at 31.12.2017).