BMO REP Makes First Acquisition for New European Residential Fund | News
The manager said the BMO Europe Residential FCP-RAIF fund, which is seeking to raise €800m, has acquired a 5,600m² property at Paviljoensgracht 1-3 in The Hague for an undisclosed amount.
The six-story building was constructed in 1983 as an office and retail building and has been converted into a residential building within the past two years.
The BMO Europe Residential FCP-RAIF fund, classified as an Article 8 product under the new European regulation on sustainable financial disclosure, will invest in mid-rise and affordable residential real estate as well as residences for people older people in metropolitan areas and large cities in Germany, France, the Netherlands, Austria, Italy and Spain.
Iris Schöberl, Managing Director for Germany and Head of Institutional Clients at BMO REP, said: “We are delighted to have struck gold with our first purchase for the European Residential Fund, as The Hague offers such an environment. international.
“The property is an excellent example of a dynamic mixed-use development and can be used as a model for many other properties. In the long term, there is the possibility of converting further letting areas into apartments thus presenting great potential. of added value.
Ian Kelley, Managing Director, Head of France, Benelux and Southern Europe at BMO REP, said the acquired property benefits from an excellent micro-location in The Hague city center, close to from the main shopping street, with excellent infrastructural connections.
“Residents of the fully leased property have easy access to both the city’s largest office submarket and cultural and educational institutions, such as the Leiden University campus.”
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