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BMO REP acquires Van Graaf department store in Prague

BMO Real Estate Partners (BMO REP), part of Canada's BMO Financial Group's AUM Global Asset Management business, announces the purchase of a high end department store in Prague, which is occupied by Van Graaf, on behalf of investors in its pan-European retail property investment fund. BMO Real Estate Partners acquired the building from MTK Developments. Jerome Feltham Property Advisory, Kinstellar, Atoz and White & Case advised BMO Real Estate Partners on the transaction.
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The asset is located on Wenceslas Square 17, Prague's main mass-market shopping street, and comprises 12,000 sq m of rental area over six storeys. This acquisition will allow the Fund to diversify its portfolio exposure to Prague all the while benefitting from a secured income stream within a fixed long-lease term of over 28 years.

The transaction, which is BMO's eighth acquisition for the Fund, brings its total portfolio value to over €600 million. The fund was launched in October 2015 having raised nearly €400 million of capital and focuses on high quality retail properties in prime shopping streets within major European cities.