Last asset acquired for Best Value Europe I in the shape of Serrano 30 in Madrid
BMO Real Estate Partners, part of Canada’s BMO Financial Group, has finished acquisitions for its €700 mln prime retail fund.
Serrano 30 in Madrid completes the line up for Best Value Europe I with a roll call of assets in Amsterdam, Barcelona, Brussels, four in Paris, Prague, three in Rome, and now Madrid. Many of the assets have been sourced off market, it said.
The fund was 90% invested by May 2018 with 12 assets. Serrano 30 makes number thirteen.
Ian Kelley, fund director at Europe at BMO Real Estate Partners, said, 'For this core strategy, we have assembled an impressive portfolio of exceptional assets in ultra-prime locations, with high footfall and strong demand from retailers in these tourist destinations. Many of these properties are currently below market rent and offer value creation opportunities in the short, medium and long term.'
The company explained it continued to see strong demand for physical stores in prime locations and in top cities, which benefit from above average economic growth, strong tourism levels and affluent footfall. It added retailers increasingly recognise the advantages of having an omni-channel sales approach, a seamless integration of all channels including online, mobile and the physical store.
The company is in the market with the follow up Fund II. It announced that launch last May when it updated the market on the progress of Fund I.
