BMO Real Estate Partners (BMO REP) first high-street retail fund is fully invested, the manager said today as it announced the acquisition of an asset in Spain.

The Best Value Europe I (BVE I) fund has acquired the luxury retail asset on Serrano 30 in Madrid for an undisclosed sum

BVE I has a €700m portfolio comprised of 13 retail assets located on prime high streets across eight gateway European cities.

Ian Kelley, fund director, Europe at BMO Real Estate Partners said: “To bring this fund to full deployment with the majority of the acquisitions made off-market is a true testament to our sourcing capabilities and market expertise across Europe.

“Many of these properties are currently below market rent and offer value creation opportunities in the short, medium and long term.”