Bouwfonds Investment Management (Bouwfonds IM) has acquired three car parks in Ireland and Northern Ireland (UK) on behalf of its third car park fund, Bouwfonds European Real Estate Parking Fund III.
The investment volume amounts to around €25.5 mln.
In Ireland, Bouwfonds acquired the Parnell Street car park in Dublin's city centre from Green REIT. The car park has 503 parking spaces and is leased by Park Rite, Ireland’s largest car park operator.
In Northern Ireland, the firm bought the Belfast car parks at the Hilton and Lanyon from Brunswick, an entity owned by property firm William Ewart Properties. Together, the car parks provide 777 parking spaces and they are leased by parking facility operator Apcoa.
'The car parks are commercially strong and surrounded by strong anchors and several new developments,' said René Zerull, manager of Parking Fund III. 'The fund has now achieved a size of €105 mln and will continue to grow to up some €350 mln.'
Following the success of Bouwfonds European Real Estate Parking Fund I and II, Bouwfonds IM launched its third European parking fund for institutional investors in 2014, with a focus on first-class, sustainable car parks, primarily in city-centre locations. The group's parking portfolio represents a value of €800 mln at present.
