Bouwfonds Investment Management (Bouwfonds IM) has raised the full amount of equity for its third institutional car park fund − Bouwfonds European Real Estate Parking Fund III (BEREPF III) − and is now closing it. In total, BEREPF III saw an inflow of equity totalling some EUR 177 million, approximately EUR 125 million of which was raised among institutional investors in the past months as part of a second closing. Some of the investors of the first closing raised their commitments. Moreover, well-known insurance companies subscribed shares of the fund. The fund’s investment volume will amount to EUR 350 million in all. The fund will invest in commercially sustainable car parks in Europe, particularly in Germany, the UK, France, Benelux and Scandinavia. The fund currently has stakes in four properties.
Martin Eberhardt, Managing Director of Client Relations at Bouwfonds, said: “The demand for real assets by institutional investors continues, as they face ongoing investment pressure due to the low-interest environment. Car park properties offer attractive yields and a low risk. This is particularly appreciated by investors in the current interest situation.”
The fund currently has four parking facilities, three of which were purchased in July 2016. They include two car parks in Belfast (UK) and one in the Irish capital, Dublin. The volume of these three properties amounts to EUR 25.5 million. The fund’s largest investment is a 60 per cent stake in the “Mahler” car park in Amsterdam, one of the biggest car parks in the Netherlands. The other 40 per cent of “Mahler” is held by the predecessor fund BEREPF II. Altogether, the volume of the car park totals EUR 130 million.
René Zerull MRICS, fund manager of the Parking Fund III, said: “We have established an attractive property pipeline for BEREPF III, and several properties are currently being looked at. Additional acquisitions will likely soon follow.”