Bouwfonds REIM's European Real Estate Parking Fund is to acquire a car park in Liverpool for about EUR 8 mln. The firm announced last week that it has entered into an agreement with Merepark and joint venture partner Ballymore to forward purchase a multi-storey car park, let to Q Park, part of the larger Central Village Liverpool development scheme.
Bouwfonds REIM's European Real Estate Parking Fund is to acquire a car park in Liverpool for about EUR 8 mln. The firm announced last week that it has entered into an agreement with Merepark and joint venture partner Ballymore to forward purchase a multi-storey car park, let to Q Park, part of the larger Central Village Liverpool development scheme.
This announcement comes shortly after Merepark successfully concluded a £37.1 mln (EUR 42.6 mln) deal to forward fund construction work at the Lewis's Building with a Regent Capital Syndicate. Work will start on the Q Park site and at the Lewis's Building this summer.
The car park, due for completion in June 2011, includes 459 spaces and is to be operated by Q Park under a 35-year lease. When completed this will increase the total Bouwfonds Parking Fund value from EUR 242 mln to about EUR 250 mln. The portfolio comprises 21 parking facilities located in Germany, France, Spain, Belgium, Netherlands and the UK.
Merepark, on behalf of Central Regeneration Limited Partnership, retains asset management of 185 m2 of commercial leisure/retail space below the multi storey car park. Savills and CBRE are the letting agents.
Danesborough Properties and Linklaters advised Bouwfonds. Savills and Montague Evans, and DLA advised Merepark/Ballymore.