Dutch-German investment manager Primevest Capital Partners has acquired two purpose-built multi-storey car parks, a supermarket and commercial unit in Vienna for around €20 mln for its Primevest European Parking Fund IV.
The vendor is Rhomberg Bau, which built the property as general contractor together with Goldbeck Rhomberg.
The Hauptbahnhof East 1&2 car parks, with more than 800 spaces, are located in Vienna’s new Sonnwendviertel urban district and are let on a long-term lease to car park operator Goldbeck Parking. The supermarket is occupied by Aldi-owned Hofer, while the commercial unit is rented by rock climbing gym Boulderbar with additional income derived from leases on communication antennas and roof-top solar panels.
The Sonnwendviertel is one of Vienna's largest regeneration schemes. It is located in the Favoriten area which is amongst the most densely populated parts of the city with over 200,000 inhabitants. Constructed on the site of the former south railway station, the new district includes 5,500 new apartments for 13,000 residents, offices and hotels, together with social and cultural schemes. As the main car parks designated for the neighbourhood, Hauptbahnhof East 1&2 will predominantly cater for local needs. In future, they could also serve the new central railway station, Wien Hauptbannhof, which opened in 2014 and is a 10-minute walk away.
’The traditional role of car parks as warehouses for vehicles is changing,’ said Bas Magielse, fund manager of Primevest Capital Partners. ‘They are emerging as ‘mobility hubs’, offering a wider range of uses and becoming increasingly integrated into the urban infrastructure landscape, as the availability of expensive on-street parking declines and metropolitan authorities move to restrict vehicle access to city centres. Consumers benefit from the additional services these mobility hubs can offer, from electric car charging points to e-commerce ‘pick-up’ services. With its supermarket and additional services this acquisition is set to become a mobility hub for Sonnwendviertel.’
Primevest was advised by technical consultant Drees & Sommer, financial and tax advisor TPA, and law firm CMS.
