BMO Debuts its New RE Vehicle in Spain with €1bn to Invest

15 May 2018 – Eje Prime

BMO Real Estate Partners is backing Spain with its new real estate investment vehicle. The international fund has just launched Best Value Europe II (BVE II), which will specialise in the high-street retail market. One of the company’s first purchases has been a prime asset in Madrid, which it bought together with another commercial premise in Verona (Italy): for the two properties, BMO paid €39 million.

Nevertheless, BMO’s new vehicle has the financing to spend a lot more. The fund’s initial plan involves creating a portfolio of assets worth €500 million, a figure that it plans to double to €1 billion over the medium-term, according to Business Inmo.

After its initial purchases in Madrid and Verona, the fund has also just closed its third acquisition in Lisbon. BMO has paid €15.2 million for that asset, which is located on Avenida da Liberdade, the main commercial thoroughfare in the Portuguese capital. The property, which has been completely renovated, is designated for mixed use as offices and retail space, and has a total surface area of 2,104 m2.

The path that BVE II will follow will be similar to that of the first vehicle that BMO launched for this market and which focused on finding high street premises on the most prime streets of the main European capitals. The predecessor of this new company has now invested more than 90% of its funds; it owns a portfolio containing 12 assets worth more than €700 million.

Original story: Eje Prime

Translation: Carmel Drake

Catella Buys 3 Residential Buildings In Madrid & Barcelona

5 December 2016 – Real Estate Press

Catella Real Estate, which is headquartered in Munich, has acquired 277 homes in Berlin, Madrid and Barcelona for €92.7 million, which it will incorporate into its real estate fund Catella Wohnen Europa. The acquisition forms part of the fund’s investment strategy to acquire residential properties across Europe into its portfolio.

“The Spanish market is enjoying a sustainable recovery. Specifically, in Madrid and Barcelona, there are currently some very attractive investment opportunities. Through our Catella network and in collaboration with our asset management and investment platform in Spain, we have identified and executed these excellent acquisition opportunities for our investors”, said Markus Wiegleb, Portfolio Director at Catella.

The Spanish residential portfolio comprises a surface area of 13,469 m2 in total. The fund has acquired two properties in Madrid: the recently renovated building on Calle Genova, 5 for €23.9 million, which was contructed in 1900 and which contains 24 homes; and the modern property on Calle Alaró 4, built in 2008, with 82 residential units, which was acquired for €12.9 million. The third Spanish property, Rambla Poplenou 124 in Barcelona, was constructed in 2002 and contains 59 residential units. It was acquired for €23.7 million. (…).

“Catella has a strong local presence in Europe, with offices in 12 countries. Moreover, we work in partnership with a large number of local companies in other European countries. Our extensive knowledge of the real estate sector and our pan-European reach allows us to access unique investment opportunities for our investors across Europe”, said Xavier Jongen, Project Director at Catella in the residential real estate funds division.

Original story: Real Estate Press

Translation: Carmel Drake