Asset manager BMO Real Estate Partners (BMO REP), part of Canada's BMO Financial Group, has sold a retail portfolio comprising 18 assets to a German pension fund.
Financial details were not disclosed but BMO REP said that the price was in the three-digit million range.
Dubbed 'Boulevard', the portfolio was being held in a multi-investor fund which was set up as a special fund in 2010 by BMO REP and managed by Hansainvest Hanseatic Investment.
'The fund has performed very well and even exceeded our targets,' said Iris Schöberl, managing director Germany and head of institutional clients. 'This was not least due to the great performance of our asset management team. We were able to achieve a very good result for our investors.'
The 18 assets are located throughout Germany, with the majority in Baden-Württemberg and North Rhine-Westphalia. The retail properties are exclusively commercial buildings in significant urban locations, and currently generate an annual net rent of over €14.2 mln on a rental area of around 80,000 m2.
BMO REP Germany was advised on legal matter by Jebens Mensching in Hamburg.