Bouwfonds European Real Estate Parking Fund ll has acquired its first car park in Ireland for about €15 mln.

Bouwfonds European Real Estate Parking Fund ll has acquired its first car park in Ireland for about €15 mln.

Jervis Street Car Park is located in the main retail area in the heart of downtown Dublin, and is the first car park when accessing Jervis Street from Lower Ormond Quay. This transaction also includes the acquisition of an office building and three retail units.

Bart Pierik, managing director parking of Bouwfonds IM, said: 'The parking garage is situated in a mixed-use environment with residential units, shopping areas, offices, hotels, bars and restaurants, which is a perfect location because in a city area like this a car park is used 24 hours a day. It’s a stable investment with a low risk profile.'

HWBC advised the fund in this transaction.

Bouwfonds European Real Estate Parking Fund ll invests in first-class, sustainable car parks, primarily in city centre locations across Europe. The acquisition in Dublin is the fund’s seventh acquisition, increasing the total portfolio to €135 mln.