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BMO Real Estate Partners (BMO REP), the pan-European property investment and asset management specialist that is part of Canada’s BMO Financial Group’s €228 billion] Asset Management business, announces that it has completed the acquisition of three prime retail properties in Milan and Copenhagen for a combined €65 million on behalf of Best Value Europe II (“BVE II” or the “Fund”), its pan-European retail property investment fund.
In the centre of Milan, two prime retail assets totalling 716 sqm have been acquired in sale and leaseback transactions. The first property is located on the pedestrianised Corso Vittorio Emanuele II, one of Europe’s most established and popular retail destinations for mid-to-high-end retailers, and is let to baggage and accessories brand Carpisa. The second property is located on the mile-long Corso Buenos Aires, which connects Milan’s historical centre to its business district, and is let to Yamamay, the premium Italian underwear brand. Both assets are located in concentrated areas of footfall defined by limited retail vacancies and continued rental growth, and benefit from a 24-years closed lease term.
Providing the Fund with new diversification into the Danish market, a prominent 3,600 sqm corner property has been acquired in Copenhagen’s city centre. The ground and first floors of the elegant four-storey property comprise retail units which are fully let to nine high-quality tenants, leveraging the asset’s frontage onto Copenhagen’s prime retail street, Strøget. The upper storeys comprise 17 residential apartments for the rental market, providing a highly diversified and resilient income stream. Local infrastructure improvements are set to strengthen the asset’s accessibility and, in-turn, occupier demand, with the imminent arrival of a new metro station at the adjacent town hall square.
BMO’s BVE II focuses on selective, high quality, prime high street retail properties within top tier or dominant European cities that benefit from strong tourism, high footfall and deep international retailer markets. The open-ended fund, which is aimed at institutional investors, has a target equity of €600 million and €1 billion in GAV, with 11 investments to date delivering a portfolio GAV totalling over €300 million.
It offers investors a broad suite of products specialising in core / core+ strategies with a focus on delivering superior income returns and a track record of performance against key benchmarks throughout market cycles. BMO Real Estate Partners has a strong localised presence with offices in London, Paris and Munich, as well as on-the-ground reach in core European markets including Spain and Italy.
While it retains an independent, agile and entrepreneurial approach to its investment activity, BMO Real Estate Partners is able to call on the support structure and expertise of BMO Financial Group’s €228 billion[3] Global Asset Management business, which provides deep seated insight into institutional investment landscape and facilitates the adoption of best in class corporate governance and sustainability principles.
BMO Global Asset Management is a global investment manager with offices in more than 25 cities in 14 countries, delivering service excellence to clients across five continents.
Our four major investment centres in Toronto, Chicago, London and Hong Kong are complemented by a network of world-class specialist managers strategically located across the globe: BMO Real Estate Partners, LGM Investments and Pyrford International Ltd.
BMO Global Asset Management is a part of BMO Financial Group, a highly diversified financial services provider based in North America with total assets of CDN $830 billion as of 30 April 2019.
Source : Company