CBRE Appointed By BMO Real Estate Partners To Manage Properties Within Its Newly Launched Pan-European Strategy
CBRE, the global real estate advisor, has been appointed to provide pan-European property management and real estate accounting services to BMO Real Estate Partners (‘BMO REP’) for its recently launched pan-European property investment strategy aimed at German institutional investors.
BMO REP is a property investor and manager with c. €9.5bn in assets under management (‘AUM’). It is part of BMO Global Asset Management which in turn is part of BMO Financial Group.
The recently launched pan-European property investment strategy invests in core and core-plus retail properties and shopping arcades in prime high-street locations of European cities. At present the strategy has invested in four retail properties across Europe amounting to c€210m out of a target investment volume of €700m AUM.
CBRE will take responsibility for the day to day management of all properties within the strategy including providing real estate accounting services. EMEA wide, CBRE manages over 265 shopping centres, including the recent Mall of Switzerland win, with a total portfolio size of over 6.1 million sq m.
This appointment is indicative of the shift we are seeing within the property management industry across Europe. Increasingly our clients are seeking greater efficiencies across their portfolios and recognise the real value that a single provider can achieve. In addition, more clients are including SPV accounting in their mandates to drive better performance.
It’s an exciting time for our industry and we look forward to working with BMO Real Estate Partners.
We are delighted with this innovative mandate which includes both the property management as well as accounting and corporate services for the strategy, while being compliant with KVG Spezialfonds reporting requirements.