BMO Global Asset Management’s real estate business has completed the off-market acquisition of the Fontaine Gaillon restaurant in Paris from French actor Gerard Depardieu.
The acquisition is a move to diversify the income profile of BMO Real Estate Partner’s (BMO REP) pan-European retail property investment fund, according to Adrien Brion, the firm’s head of operations in the French capital.
The financial details of the transaction have not been disclosed.
As part of the deal, the restaurant has been vacated by its previous occupier. BMO REP has secured a 10-year commercial lease with Paris restaurant group Moma Group, which will develop a new concept in the premises.
Fontaine Gaillon is located next to the Palais Garnier in the city’s second arrondisement, Paris’s luxury retailing hotspot.
BMO REP is part of Canada’s BMO Financial Group’s £189 billion (€206.2 billion) Global Asset Management business. It has £6.2 billion of assets under management across Europe.
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