Bouwfonds Investment Management has completed a €50 mln refinancing for its Bouwfonds European Real Estate Parking Fund.
Bouwfonds Investment Management has completed a €50 mln refinancing for its Bouwfonds European Real Estate Parking Fund.
The investment management company of the Rabo Real Estate Group has refinanced 12 car parks in France, the UK, Germany and Spain, representing more than 6,000 parking spaces.
The portfolio was refinanced through three mortgage lines secured against three facilities in France, the UK and Germany. Senior financing was provided by a debt fund managed by La Française REM for France, The Royal Bank of Scotland for the UK and Sparkasse Passau, partnering with Bayern LB for Germany.
Shift Capital assisted Bouwfonds IM in the refinancing.
Bouwfonds' parking fund was set up in 2005 as the first real estate fund to specialise in investing in car parks. The vehicle has a portfolio of around €260 mln invested on behalf of institutional investors.
