Dutch-headquartered Orange Investment Managers and Germany’s Catella Real Estate (CREAG) have acquired a €49 mln underground car park in Odense, Denmark.
The asset is situated beneath the central Thomas B. Thriges Gade (TBT) thoroughfare, and was purchased for the Catella Parken Europa Fund, which is jointly managed by Orange IM and Catella, from the city’s municipality.
Michiel Gerritsen, director at Orange IM, said: 'The decisive factor for us was the car park’s location and its accessibility. Due to its former function at a high-traffic axis, it is situated primarily under the city centre which makes it quite unique and very well suited for use as a mobility hub.'
The proceeds of the sale will contribute to the financing of a new sustainable central urban district achieved by transforming the four-lane highway that splits the heart of Denmark’s third largest city.
Peter Rahbæk Juel, mayor of the City of Odense, said: 'This sale is an important step towards accomplishing our ambitions of providing Odense with a new urban centre over the former Thomas B. Thriges Gade highway.
'Soon, the last brick will be laid reuniting the two halves of the city centre, creating a space that will attract urban activity and new communities. Good parking facilities are essential, if we are to ensure that the city’s guests and citizens are able to access all of the events and experiences that Odense has to offer.'
The project aims to increase the density of the city centre by creating a new urban neighbourhood with homes, offices, cultural institutions, restaurants, and cafes. Sustainability will underpin every facet of the new quarter, including green spaces, social diversity, transport and economy, from the construction phase to after completion.
The area will be car-free. All traffic will be on foot, by city bus or light rail. Motorists visiting the city centre can leave their vehicles in the TBT car park which currently accommodates around 1,000 vehicles a day.
The investment partnership has entered a long-term agreement with Q-Park, who will be responsible for operations at the underground car park.
Johan Juncker, Q-Park, business development manager, said: 'This is a fantastic project in every way, with lots of potential. In the future, the car park could include a logistics centre for dropping off, or collecting, parcels and packages, charging stations for electric taxis, or serve as a centre for car sharing.'
