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BMO buys in prime shopping areas

Milan_CarpisaBMO Real Estate Partners (BMO REP) has spent €65 million buying high street shops in Milan and Copenhagen.

The buildings - two in Milan and one in Copenhagen - are investments for the firm’s pan-European retail property fund.

In the Danish capital, BMO REP has bought a 3,600 sqm corner property on the city centre’s pedestrianised shopping street Strøget. The ground and first floors are retail units and the upper storeys contain 17 residential apartments.

In Milan, the retail properties total 716 sqm and have been acquired in sale and leaseback transactions.

The first property is located on the pedestrianised Corso Vittorio Emanuele II and is let to baggage and accessories brand Carpisa. The second property is located on the mile-long Corso Buenos Aires, which connects Milan’s historical centre to its business district, and is let to Yamamay, the premium Italian underwear brand.

Ian Kelley, Europe fund director at BMO REP, said major retail brands still considered physical stores in prime retail areas as an “integral part of their omni-channel offering”.

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