BMO REP buys trio of UK assets for new income and growth plan
The manager said it has bought Sutherland House office asset in Glasgow’s central business district for £9.8m; a warehouse property in Horsham, near Gatwick airport for £7.5m; and has forward-purchased an industrial scheme in Milton Keynes for £7.0m.
In October last year, BMO REP, on behalf of a segregated mandate client, sold three UK assets as part of its plan to reinvest capital into new income and growth assets.
The manager said the latest acquisitions represent the ”prompt reinvestment of proceeds” from the recent opportunistic disposals.
Matthew Howard, a director of property funds at BMO Real Estate Partners said: “These transactions reflect our disciplined efforts to recycle capital from recent disposals into a mix of both secure and value-add opportunities in core locations, in line with the mandate’s strategy.
“We consider the entry prices at which we acquired these properties to be attractive, while they each offer compelling long term prospects to continue generating income and growth on behalf of our client.”