Financial services powerhouse BMO announces rebrand of asset management business

Premises: Holdings in the UK include large office complexes at Prime Four Business Park in Kingswells
Premises: Holdings in the UK include large office complexes at Prime Four Business Park in Kingswells

The Canadian financial services powerhouse behind some of the largest oil and gas industry buildings in Aberdeen has completed a rebrand of its property investment trusts.

BMO Financial Group – one of North America’s biggest banks – has been rolling out the BMO Global Asset Management brand across its portfolio since it acquired F&C Asset Management about five years ago in a deal worth more than £700 million.

F&C Commercial Property Trust has been renamed as BMO Commercial Property Trust, managing a £1.4 billion portfolio focused on the higher quality, or “prime” end of the market – predominantly in London and south-east England.

Holdings elsewhere in the UK include large office complexes at Prime Four Business Park in Kingswells, Aberdeen.

The FTSE 250 Index-listed trust lists the North Sea headquarters of Chinese energy company CNOOC International and US firm Apache among its investments valued between £30m and £40m.

F&C had acquired these two 100,000sq ft buildings in 2014, along with two others at Prime Four that were let to international drilling contractor Transocean, from the developer in deals worth a total of £95.4m.

CNOOC – formerly Nexen – and Apache took their premises on a 15-year let, while Transocean signed up for 20 years.

F&C Real Estate Investments has become BMO Real Estate Investments (BMO REI), with property assets worth about £360m, as part of the rebranding.

BMO REI has a diversified portfolio of freehold and predominantly long leasehold UK commercial properties. It invests principally in three property sectors – office, retail and industrial.

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