BMO Real Estate Partners has announced the acquisition of the Coin Excelsior luxury department store at Rome's Cola di Rienzo on behalf of its Best Value Europe I fund.
The vendor was a consortium of local, private investors. The financial details of the transaction were kept confidential.
The property provides 7,246 m2 of total lettable space spread over three floors.
Ian Kelley, fund director Europe at BMO Real Estate Partners said that the deal 'shows that the firm can secure attractive properties for its investors in various top European cities'.
BMO Real Estate Partners was advised by MF Studio Legale and MF Real Estate on the deal.
Best Value Europe I invests in high-quality retail properties in major European shopping streets. The fund raised equity of €350 mln last October, giving it a total spending power of €700 mln. The fund has already carried out three acquisitions in Paris and Barcelona.
