Bouwfonds European Real Estate Parking Fund II has acquired the largest underground car park in the German city of Leipzig.
Bouwfonds European Real Estate Parking Fund II has acquired the largest underground car park in the German city of Leipzig.
The transaction volume amounts to €30 mln.
The property was built in the mid-1990s on Augustusplatz between the Gewandhaus concert hall, the opera and the new university campus. It comprises 1,268 underground parking spaces as well as above-ground service and retail units.
The sellers are the Provinzial Rheinland and Provinzial Nord-West insurance companies, which held the property through a joint venture. The car park is operated by Q-Park under a long-term rental agreement.
Ruud Roosen, fund manager of Bouwfonds REIM’s special fund for car parks, said the asset is the largest and one of the most modern car parks in the city.
The car park has won the European Parking Award and has the seal of approval of ADAC, the German automobile association.
The property transaction was brokered by Aengevelt Immobilien. Legal advice was provided on the buyer’s side by CMS Hasche Sigle and on the seller’s side by Orrick, Herrington & Sutcliffe.
The European Parking Fund II is structured as a German spezial real estate vehicle and holds assets valued at €187 mln. A group of relatively large German investors, consisting of insurers, pension funds and employee benefit plans, are investors in the fund.
In addition to the investment in Leipzig, the fund has also acquired assets in the Netherlands and UK over the past few months. The plan is to complete the acquisition phase by end-2014.
PropertyEU is hosting a German Investment Briefing in London on 19 September.
