Germany's Quantum Immobilien has acquired a car parking structure in the Dutch city of Dordrecht, near Rotterdam, for its German institutional investor clients.
Financial details were not disclosed.
The property has been transferred to the portfolio of the group’s City Parking Netherlands investment vehicle, which is managed by Quantum’s own KVG regulated fund management entity.
Through this institutional fund, Quantum invests in selected car parks within growth regions throughout the Netherlands.
Martin Berghoff, head of transactions at Quantum Immobilien KVG, said: 'The Netherlands is one of the most attractive markets for the off-street segment. There is a strict parking policy in place, with the aim of getting cars off the streets and into car parks.
'The limited supply of parking spaces, along with parking rates which are quite attractive by international comparison, makes investments in carefully chosen car park properties very appealing. We are also able to achieve a high level of resilience to crisis through long lease terms with operators with strong credit ratings.'
The car park, built in 1991, is located at Korte Kolfstraat 235 within the city’s pedestrian zone and adjacent to Drie Vriendenhof, a large shopping arcade. It offers 404 parking spaces and is let to Q-Park, the Dutch market leader in car park management.
With the latest acquisition in Dordrecht, City Parking Netherlands now holds six investment properties in its portfolio. CMS Derks Star Busmann served as legal advisor for the transaction, with technical due diligence by Pvm.
