BMO Real Estate Partners (BMO REP), the European property investment and asset management arm of Canada’s BMO Financial Group, has bought two prime luxury retail properties in Italy for €150 mln.
The acquisition was made on behalf of BMP's pan-European retail property investment fund, which focuses on high-quality retail properties in prime shopping streets within major European cities and is aimed at institutional investors.
The first acquisition, acquired from the Kering Group in a sale-and-leaseback transaction, comprises a 1,500 m2 recently refurbished property spread across four floors and fully leased to Brioni, an Italian menswear couture house. The property boasts a prime location in the heart of Quadrilatero Della Moda, Milan's luxury fashion district, and sits adjacent to a Cartier outlet and the Four Seasons Hotel.
The fund also acquired another luxury retail property in Rome leased to a brand within the LVMH group and located on Via Condotti, one of the world’s most renowned high-street retail locations. The 600 m2 property is in prime condition and is spread across ground and upper floors.
'These two latest additions to our portfolio are a clear demonstration of our capacity to source and deliver rare investment opportunities across Europe for our clients,' said Ian Kelley, Fund director, Europe at BMO Real Estate Partners. 'Both properties are highly sought retail investments, holding ultra-prime locations in two of Italy’s leading cities, and offering the fund an increased exposure to the country’s growing luxury sector.'
MF Studio Legale advised BMO REP on both transactions.
