Primevest Capital Partners has acquired a multi-storey car park in the Netherlands on behalf of the Primevest European Parking Fund IV fund.

The manager has invested €16.5m to buy the Heuvelpoort car park in Tilburg from Tilburg Centrum OG.

Ruud Roosen, partner, Primevest Capital Partners, said: “Well-located, inner-city car parks make resilient investments and Heuvelpoort is a good example. It is set in a prime location close to Tilburg’s main shopping area, which according to InRetail is proving to be one of the Netherlands most robust city centres during the Covid-19 pandemic.

”There are also a theatre, Pathé cinema and Mercure hotel nearby, all of which ensure that the car park is in use 24 hours per day.”

Bas Magielse, a fund manager at Primevest Capital Partners, said: “The property in Tilburg represents the 49th car park in the low risk, income-producing portfolio that we have assembled and manage for our investors.

“Being able to secure this opportunity in a highly competitive market demonstrates the strength of our network and local market knowledge. We have ready equity to invest in similar opportunities to Tilburg across European markets.”

The latest deal lifts Primevest’s total car park assets under management to over €1bn.

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