Bouwfonds Investment Management (Bouwfonds IM) said on Friday that it is aiming to raise a further €125 mln from German institutional investors in a second closing for its third institutional car park fund, Bouwfonds European Real Estate Parking Fund III (BEREPF III).

BEREPF III, which raised €53 mln at first closing at the end of December 2014, is targeting a total investment volume of €300 mln. It will invest in prime car parks that are located in city centres as well as near transport hubs or hospitals in core countries such as Germany, the UK, France, Benelux and Scandinavia.

'We have a solid investment pipeline of European core car parks and a strong commitment of our institutional clients in Germany. So we expect to complete the second closing of the Bouwfonds European Real Estate Parking Fund III soon,' said Martin Eberhardt, managing director of Bouwfonds IM Germany. 'We plan to invest in new acquisitions in the next couple of weeks.'

Although returns in general have been falling sharply, prime car park properties are still generating distribution returns of over 4.5% and are in high demand among institutional clients, added Eberhardt.

The BEREPF III is structured as a German special property fund (open-ended special AIF). IntReal International Real Estate Kapitalverwaltungsgesellschaft is the service provider, performing external management of the special fund and all associated administrative activities.

Bouwfonds IM remains responsible for acquisition, asset management and investor relations. M.M. Warburg & Co. (AG & Co.) acts as custodian.