Two investment funds managed by Bouwfonds Investment Management have traded a portfolio of European car parks.
The assets are being transferred from Bouwfonds European Real Estate Parking I (BEREPF I), which was set up for Dutch institutional investors, to BEREPF III which has a number of German institutions.
Bouwfonds said it carried out “a careful and strict compliance process, in order to manage potential conflicts of interest and to ensure a transparent, competitive and fair sale”.
Cushman & Wakefield, CMS and Bureau Veritas Asset Management advised the seller, and Unifore DMC Real Estate Finance, Deloitte and DLA advised the buyer.
Bouwfonds said it had also refinanced the portfolio via BerlinHyp and Deutsche Postbank.
BEREPF I was the Dutch fund manager’s first car-park fund, a Luxembourg vehicle established in 2005.
BEREPF III is a German-regulated, open-ended fund which concluded capital raising last year.
Bouwfonds has already launched a fourth fund, backed exclusively by a Germany pension fund earlier this year.
The latest transaction takes the investment volume of BEREPF III to €400m. It now owns 21 car parks situated in major cities in seven European countries.
The new portfolio includes includes in Germany, the Netherlands, France, the UK and Spain.