Bouwfonds Investment Management has invested €130m in an Amsterdam car park for a new fund.
The Mahler underground car park, in Amsterdam’s Zuidas central business district, was sold by operator Q-Park which has a 25-year lease on the asset. BerlinHyp financed the deal.
The property is co-owned by German real estate funds Bouwfonds European Real Estate Parking Fund II and Bouwfonds European Real Estate Parking Fund III.
Bouwfonds said it had made a first close for Fund III, with capital from German institutional investors.
Funds II and III are administrated by Service-KVG IntReal. Both funds operate as German open-ended Spezial-AIFs.
Bart Pierik, managing director parking of Bouwfonds IM, said the funds invest in ”first-class, economically sustainable car parks in Europe”, with a focus on inner city locations and transport hubs and car parks associated with hospitals.
The car park’s location in Zuidas, which has ”low vacancy rates and a great demand for high-quality parking spaces”, was, he added, a “key advantage”.