Specialist real estate investment manager BMO Real Estate Partners launched its second Best Value Europe fund with a short-term gross asset value target of €500 million, with plans to expand that amount to more than €1 billion in the medium term.

The new Best Value Europe II fund, which received seed commitments from repeat investors in the series, will target selective, retail investment opportunities in shopping streets in major European cities.

The launch follows BMO Real Estate's initial purchases of two prime properties in Verona, Italy, and Madrid for roughly €39 million. In addition, the fund snapped up a third property, a mixed-use building spanning 2,104 square meters on Avenida da Liberdade 108 in Lisbon, for €15.2 million in an off-market deal.

BMO Real Estate is part of BMO Financial Group's global asset management business.