Bouwfonds Investment Management has acquired five car parks in the Netherlands from Q-Park for its Bouwfonds Private Dutch Parking Fund II.

Bouwfonds Investment Management has acquired five car parks in the Netherlands from Q-Park for its Bouwfonds Private Dutch Parking Fund II.

The total investment volume amounts to €80 mln. The transaction was completed in December 2013.

Bouwfonds IM said it expects to acquire one additional car park by the end of Q1 2014 for the fund, bringing the total investment volume to €90 mln.

The car parks are located in Amsterdam Zuidoost, Breda (city centre - Markendaalseweg), Eindhoven (De Admirant), Nieuwegein (St Antonius hospital) and Zaandam (Hermitage).

The car park in Amsterdam is leased to the municipal authorities on a long-term lease. The other car parks are leased back to Q-Park, also on a long-term lease contract.

Bouwfonds IM was advised on the deal by Colliers International for valuation purposes, RPS regarding due diligence activities and DLA Piper on the legal side.

Bouwfonds IM manages €515 mln worth of European car parks. The Private Dutch Parking Fund ll is a new fund for German private investors, high net worth individuals and small institutional investors that seek exposure to the Dutch car park sector.

The fund is the successor to Bouwfonds Private Dutch Parking Fund I, which was successfully launched and made available to German private investors last year and also invests in six car parks in Dutch city centres.