A fund established by Bouwfonds Asset Management has acquired the largest multi-storey car park in the Germany city of Passau. The acquisition of the 950-place Zentralgarage brings the total value of the assets held by Bouwfonds European Real Estate Parking Fund to EUR 155 mln.
A fund established by Bouwfonds Asset Management has acquired the largest multi-storey car park in the Germany city of Passau. The acquisition of the 950-place Zentralgarage brings the total value of the assets held by Bouwfonds European Real Estate Parking Fund to EUR 155 mln.
The portfolio currently comprises 15 parking facilities, located in France, Spain, the UK, Belgium and Germany. The fund has three German assets and Bouwfonds said other purchases in the country are on the cards.
The fund is based in Luxembourg and eventually seeks to have assets worth about EUR 300 mln. The required equity capital has been placed entirely with institutional investors from the Netherlands and Germany.
Bouwfonds said parking facilities form a relatively new category of solid and sustainable real estate investments.
