The nr. 108 of this commercial avenue, acquired out of the market, for €15.2 million, is a mixed asset (offices and store Michael Kors) totally renewed with a total area of 2,104 m².
This is the second Best Value Europe fund that will allow BMP REP to continue to "capitalize on the strong range of investments already established for the fund, as a result of the initial acquisition of two key assets in Verona and Madrid, for a total of about €39 million," it reads in the statement.
The fund will focus on “select and high-quality investment opportunities located in the main trading areas of major European cities”. It aims to reach a gross portfolio value of €500 million and grow, in a medium term, above the €1,000 million mark, as the first fund, now with 12 assets and more than 90% of the target reached, in a total value of €700 million.
In a press release, Ian Kelly, European fund manager at BMO REP, says that "we have a long-term commitment to our specialized strategy in key trading areas and BVE II will allow us to continue to take advantage of opportunities we see in Europe, and that we believe it offers attractive returns." He adds: "After expanding our team in Paris, we are now also better positioned to perform an approach in the field to identify and discover assets that meet our demanding investment criteria."
Iris Schoeberl, Managing Director for Germany and Head of Institutional Clients at BMO Real Estate Partners, adds that "the launch of BVE II shows our track record of securing returns in this specific area of the market, which we consider very resilient. This specialized investment strategy has had an effect on our clients, whom continue to sustain our approach through repeated investments.”