Bouwfonds Investment Management’s fourth European car park strategy has been backed exclusively by a northern German pension fund.
The Bouwfonds European Real Estate Parking Fund IV (BEREPF IV) vehicle is expected to generate a net internal rate of return of around 6%.
Bouwfonds said around €200m is available for investment by the fund, which has a 10-year life.
The fund is planning to invest in car parks in Western Europe, including the UK.
Up to 40% of the fund’s properties may be acquired in Spain, Italy, Portugal and Ireland.
Martin Eberhardt, managing director of Bouwfonds IM Deutschland, said: “Demand for car park investments among institutional investors remains high.
“The asset class of car park properties is also proving to be a good fit for the current investor demand for stable yet attractive cash flows.”
Bouwfonds recently bought a portfolio of 17 car parks worth around €250m for BEREPF III.
The manager has around €870m invested in the car park sector in the Netherlands, UK, Ireland, France, Germany, Spain and Norway.
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