Berlin Hyp has joined forces with Deutsche Postbank to provide €92 mln in financing for the acquisition of a pan-European car park portfolio for the Bouwfonds European Real Estate Parking Fund III (BEREPF III).
The syndicated loan goes towards the overall financing for the open-ended 'Spezial-AIF' BEREPF III focusing on car parks in seven western-European countries. The lenders have provided a five-year term including an extension option.
The newly financed portfolio comprises 12 car parks of which seven are located in France, three in Germany and two in the Netherlands. The new car parks offer about 6,300 parking lots in total and are located in the CBDs of Paris, Amsterdam, The Hague, Bonn and other major cities.
According to the syndicate, the new portfolio successfully extends and diversifies BEREPF III’s investment base which consists also of car parks in the UK, Spain and Finland operated by renowned international car park operators.
The fund recently acquired its final asset from Finnish financial investor OP for €28 mln.
IntReal International Real Estate Kapitalverwaltungsgesellschaft is acting as the service asset management company for the fund, performing the administration of the open ended special AIF.
Berlin Hyp is acting as agent for the syndicate.
The transaction was overseen by international law firms Dentons and Latham&Watkins.
