BMO Real Estate Partners (BMO REP), acting on behalf of its pan-European retail property investment fund, has acquired two prime high street retail properties in Amsterdam and Brussels for a combined €60m.
The acquisition in Amsterdam, at Rokin 17, is the first investment in The Netherlands for the portfolio and comprises a 1,328 m² mixed-use trophy asset that was fully redeveloped in 2014, with 5 luxury residential units as well as ca 600 m² retail space. The retail unit is let to Hudson’s Bay on a recent 20-years closed lease. In line with the fund strategy, it is in a prime location that is also benefitting from infrastructure investment in the form of a new metro line and the new Rokin metro station directly outside the store.
The second investment is the new Prada store on Brussels’ high-end Boulevard de Waterloo, which was also sourced off-market, and is a 986 m² retail unit on the ground and basement floors of the five-star hotel, ‘The Hotel’. The store is Prada’s flagship in Belgium which opened in October 2017 following a full refurbishment. Brands in the immediate surroundings include Bulgari, Armani and Hermès.
Ian Kelley, Fund Director Europe at BMO Real Estate Partners commented: “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.”
