BMO Real Estate Partners’ (BMO REP) pan-European retail property fund has acquired two prime high street retail properties in Amsterdam and Brussels for €60m.
The asset manager said the acquisition in Amsterdam, at Rokin 17, is the first investment in The Netherlands for the portfolio and comprises a 1,328sqm mixed-use trophy asset that was fully redeveloped in 2014, with 5 luxury residential units as well as 600sqm retail space.
The retail unit is let to Hudson’s Bay on a recent 20-years closed lease.
The second investment is the new Prada store on Brussels’ high-end Boulevard de Waterloo, which was also sourced off-market, and is a 986sqm retail unit on the ground and basement floors of the five star hotel, ‘The Hotel’.
Ian Kelley, the fund director at BMO REP’s Europe division, said: “Our first fund acquisition in Amsterdam provides us with exposure to another important market and further diversifies our portfolio.
“The Brussels investment, meanwhile, reinforces our fund profile with the addition of a Prada flagship store. Once again we have been extremely selective in ensuring that we are investing in the very best luxury retail locations in leading European cities.”