Bouwfonds Investment Management has announced plans to launch Bouwfonds European Real Estate Parking Fund IV (BEREPF IV), a €200 mln mandate for a northern German pension fund.
The fund plans to invest primarily in car parks located in Western Europe, including the UK. Up to 40% of the fund properties may be acquired in Spain, Italy, Portugal and Ireland. HansaInvest is acting as the fund service provider, while Donner & Reuschel AG will act as the custodian bank.
'We recently bought a portfolio of 17 car parks worth around €250 mln for BEREPF III, and we are delighted to already be able to present the successor fund,' commented Bart Pierik, managing director of the Parking Business Unit at Bouwfonds IM.
The fund will have a term of 10 years with an option to extend, and is aiming for a return of 6%.
Netherlands-based Bouwfonds IM currently manages six funds with car park properties, including BEREPF IV. They comprise two closed-end mutual funds for German high net worth individuals and smaller institutional investors, and four open-ended special property funds for institutional investors.
Bouwfonds' assets under management in the car park segment stand at around €870 mln. The properties are located in economically strong regions in the Netherlands, the UK, Ireland, France, Germany, Spain and Norway.
'Demand for car park investments among institutional investors remains high. The asset class of car park properties is also proving to be a good fit for the current investor demand for stable yet attractive cash flows,' concluded Martin Eberhardt FRICS, managing director of Bouwfonds IM Deutschland.
