NETHERLANDS – ABN Amro’s Bouwfonds Asset Management has set up a €300m fund focusing on European car parks.

The European Real Estate Parking Fund has been successfully place with Dutch and German international institutional investors, it said.

The fund will invest in parking garages in city centres, shopping malls and several other sustainable points in 12 European cities. It will be supported by car park operator Vinci, which has around 800,000 parking spaces worldwide.

Officials said the Luxembourg-domiciled fund – believed to be the first focused on the area – presents a solid and sustainable investment possibility.

The initial portfolio includes car parks in London, Paris, Madrid and several other large French cities.

Bouwfonds said the parking sector is currently attracting considerable attention from investors since the business is showing attractive returns and a low dependence on economic cycles.