LBMO Real Estate Partners ,the pan-European property investment and asset management specialist that is part of Canada’s BMO Financial Group’s €253 billion Global Asset Management business, has acquired a high street asset in a prime location in Cologne city Centre. The transaction marks a maiden investment in Germany for BMO REP’s Best Value Europe II Fund (“BVE II” or the “Fund”), which focuses on selective, high quality, prime high street retail properties within top tier or dominant European cities.
The property comprises a 1,500 sqm modern flagship store located at Hohe Straße 84–86. Completed in 2017, it is long-term let to international lingerie and swimwear brand, Hunkemöller.
It is the 14th acquisition undertaken on behalf of BVE II, which is invested in seven countries in Continental Europe with a current GAV of more than €420 million. The target investment volume for the fund is approximately €1 billion.
Assia Amore, European Fund Manager at BMO Real Estate Partners said: “This first acquisition in Germany for BVE II further strengthens the diversification of the portfolio, with the addition of a liquid and resilient market in Cologne. E-commerce penetration is reaching record highs, accelerated by the COVID-19 pandemic, and alongside this our conviction in the bifurcation of retail property in favour of ultra-prime locations is being reinforced. As the economies of major European cities begin to recover, we believe that a portfolio of carefully selected assets with strong tenant covenants is well placed to deliver attractive capital and income returns.”
Pictured : Assia Amore
Source : BMO Real Estate Partners