Primevest Capital Partners has invested €20m to buy two purpose-built multi-storey car parks, a supermarket and commercial unit in Austria’s capital.

The manager said the Hauptbahnhof East 1&2 car parks in Vienna were acquired for the Primevest European Parking Fund IV from Rhomberg Bau.

Bas Magielse, fund manager of Primevest Capital Partners, said: “The traditional role of car parks as warehouses for vehicles is changing. They are emerging as ‘mobility hubs’, offering a wider range of uses and becoming increasingly integrated into the urban infrastructure landscape, as the availability of expensive on-street parking declines and metropolitan authorities move to restrict vehicle access to city centres.

”Consumers benefit from the additional services these mobility hubs can offer, from electric car charging points to e-commerce ‘pick-up’ services.”

Martin Summer, managing director of Rhomberg Bau in Vienna, said: “Multi-storey car parks are very practical in function, but that hasn’t stopped us placing a lot of emphasis on aesthetics and sustainability during the development of this project in order to ‘future proof’ our investment by safeguarding and maximising its value in the years ahead.”

To read the digital edition of the latest IPE Real Assets magazine click here.