BMO Real Estate Partners raises €250m for latest European retail fund

BMO Real Estate Partners, part of Canada’s BMO Financial Group’s €228 billion ($248 billion) global asset management business, has raised €250 million ($272 million) for its for Best Value Europe II fund.

The open-end fund is targeting €600 million to €1 billion ($654 million to $1.1 billion) in gross asset value. Like its predecessor, BVE II focuses on selective, high-quality, prime high street retail properties within top-tier or dominant European cities that benefit from strong tourism, high footfall and deep international retailer markets, according to BMO.

The fund’s eight investments have a gross asset value of €233 million ($254 million).

Recent acquisitions include a retail outlet in Paris leased to Calvin Klein, for €36 million ($39 million), and the Fontaine Gaillon restaurant in Paris, a restaurant sold by French actor Gerard Depardie