Stuttgart-based AIF Capital, formerly E&G Funds & Asset Management, and asset manager Holland Immo Group (HIG), have acquired the Weena car park in Rotterdam for over €45 mln.
The property was purchased for the open-ended special alternative investment fund 'E&G Car Park Fund Europe', a joint venture between AIF and HIG.
The firms previously acquired 3,490 parking spaces at the former Fiat factory site in Turin in December 2019 for the same fund, which was launched in June of last year. With this latest deal, the vehicle reaches an investment volume of more than €100 mln, also comprising assets in Germany.
Ralf Schlautmann, managing partner at AIF Capital, said: 'Again, we have acquired a well-established parking garage in a prime city centre location.'
The asset, which comprises 480 parking spaces, is located in Rotterdam's CBD, right next to the Lijnbaan pedestrian zone.
At the end of 2019, Tristan Capital Partners acquired the entire Weena complex, including offices and a multi-storey car park. The Weena building was developed in 1968 for the American oil corporation Texaco. Now the car park has been sold to the fund as an independent unit.
AIF said that the fund would continue in its initial markets and also seek investment opportunities in Spain, Ireland, Belgium and Finland.
