BMO Real Estate Partners (BMO REP), the pan-European property investment and asset management specialist arm of BMO Global Asset Management (EMEA), today announced the launch of the BMO Europe Residential FCP-RAIF (BMO Europe Residential Fund).
The new Fund, which has a target investment volume of €800 million, will invest in mid-market and affordable residential real estate as well as senior living in metropolitan regions and major cities in Germany, France, the Netherlands, Austria, Italy and Spain.
The Fund’s first acquisition is a 5,600 sqm property at Paviljoensgracht 1-3 in The Hague. The six-storey building was built in 1983 as an office and commercial building and was converted into a residential building over the last two years. It consists of 60 studios and one-bedroom apartments with a total of over 3,050 sqm living space. Additionally, the ground and first floor feature around 2,550 sqm of office space, currently on a long-term lease to the municipality of The Hague. There are also 51 underground parking spaces.
Source : Joint release News estero