Bouwfonds IM raises €55m for second Dutch parking fund

Dutch investment manager Bouwfonds IM has raised a total of €55 mln in equity for its Bouwfonds Private Dutch Parking Fund ll.

The fundraising was completed in December. The equity totalling €55 mln was primarily raised from retail investors. Other investors include foundations and semi-professional investors. The total investment volume including borrowed capital amounts to €97 mln.

The fund’s investment properties comprise six car parks in the Netherlands. The properties were already included prior to the placement.

At the end of June 2015, a long-term financing agreement for €36.25 mln was concluded with Berlin Hyp. Latham & Watkins was given a mandate in connection with the financing.

Martin Eberhardt FRICS, managing director of Bouwfonds IM Germany, commented. 'The high demand underscores the quality of our product. It also shows that we are able to fulfil the current needs of investors for stable and attractive cash flows through the car park asset class.'

'The fund is highly convincing in terms of its extremely long-term rental agreements,' continued Eberhardt. The rental agreements are index linked and have a term of up to 45 years. Five of the car parks are rented by Q-Park, one of the three main car park operators in Europe.

Rödl & Partner (Hamburg and Nuremberg) provided legal and tax advice relating to the fund concept on the German side, and Loyens & Loeff acted as advisors on the Dutch side. IntReal International Real Estate Kapitalverwaltungsgesellschaft mbH assumed the external management of the closed-end public AIF and the related administrative tasks. As the initiator, Bouwfonds IM remains responsible for asset management and investor relations. Service KVG IntReal and Bouwfonds IM have been cooperating since 2012. CACEIS Bank Deutschland GmbH is the depository bank.

Bouwfonds manages a total of five funds with car park real estate: two closed-end public funds for German retail investors and three open-end real estate special funds for institutional investors. Assets under management in the car park segment total €790 mln. The assets are primarily located inthe Netherlands, the UK, France, Germany and the Scandinavian states.