EUROPE - Bouwfonds REIM intends to launch a second European parking fund for institutional investors in the first quarter of 2011.
Bouwfonds European Real Estate Parking Fund II will invest in a diversified, pan-European portfolio of prime car parks.
The fund's target size will be €500m, with the equity being raised in several closings.
It will target investments with a value of at least €10m, and the key investment area will cover the euro-zone, Scandinavia and the UK.
Ruud Roosen, director of Parking Fund II, said: "Over the last five years, car park investments have outperformed the general real estate segments. Despite the economic downturn, they generated solid returns.
"Car park investments offer stable and secured cash flows with long-term leases. In our Parking Fund I, for example, the average term of the leases is approximately 20 years."
Bouwfonds REIM's Parking Fund I is currently fully invested and has a projected return of more than 9%.