Quantum Immobilien KAG has announced the purchase of four Karstadt car parks from the Highstreet consortium for around EUR 40 mln. The purchase was made on behalf of the firm's Spezialfonds City Parking.
Quantum Immobilien KAG has announced the purchase of four Karstadt car parks from the Highstreet consortium for around EUR 40 mln. The purchase was made on behalf of the firm's Spezialfonds City Parking.
The Highstreet consortium is German department store Karstadt's biggest landlord. The car parks are located in the cities of Frankfurt am Main, Düsseldorf, Lüneburg and Lörrach. They offer a total of 1,600 parking spaces and 52,000 m2 of floor space entirely leased to Karstadt.
Following the purchase, the City Parking Fund for institutional investors owns a portfolio of 10 existing car parks valued at EUR 80 mln. The core/core plus vehicle, which focuses on high-quality car parks in Germany and the Eurozone, is targeting acquisitions of a further EUR 200-250 mln, financed with at least 50% of equity. The fund aims to return 6-7% per annum.
Highstreet comprises Goldman Sachs' Whitehall Funds (51%), Deutsche Bank's RREEF funds (24%), Milan-based Prelios, (12%), Generali (11%) and the Borletti Group.
