Investors in the seemingly mono-use world of carparking say they are seeing operators move from real estate into ‘infrastructure’ by adding other services at sites.
Last-mile parcel collection and delivery logistics hubs as well as Dark Kitchens are two examples. Charging ports for electric vehicles are another.
Primevest Capital Partners, which is soon to launch the latest in its car park fund series with a target equity of €300 mln, will tap into this dynamic. This time around it will not only acquire fully established car parks (the backbone of the fund) but will also invest in sites capable of future development to take advantage of trends by adding more than one operating tenant at each site leasing space for different purposes.
‘We really try to see the trend with the operators to deliver parking away from real estate, and more into infrastructure assets ultimately,’ says Frank Noé, head of capital formation.
‘This is the kind of area we are trying to establish in the new fund in order to increase revenue and returns at a time when it is hard to find suitable, well-located, quality product.’
