15 May 2018 – Eje Prime
BMO Real Estate Partners is backing Spain with its new real estate investment vehicle. The international fund has just launched Best Value Europe II (BVE II), which will specialise in the high-street retail market. One of the company’s first purchases has been a prime asset in Madrid, which it bought together with another commercial premise in Verona (Italy): for the two properties, BMO paid €39 million.
Nevertheless, BMO’s new vehicle has the financing to spend a lot more. The fund’s initial plan involves creating a portfolio of assets worth €500 million, a figure that it plans to double to €1 billion over the medium-term, according to Business Inmo.
After its initial purchases in Madrid and Verona, the fund has also just closed its third acquisition in Lisbon. BMO has paid €15.2 million for that asset, which is located on Avenida da Liberdade, the main commercial thoroughfare in the Portuguese capital. The property, which has been completely renovated, is designated for mixed use as offices and retail space, and has a total surface area of 2,104 m2.
The path that BVE II will follow will be similar to that of the first vehicle that BMO launched for this market and which focused on finding high street premises on the most prime streets of the main European capitals. The predecessor of this new company has now invested more than 90% of its funds; it owns a portfolio containing 12 assets worth more than €700 million.
Original story: Eje Prime
Translation: Carmel Drake
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Source:: AURA Real Estate Experts