Bouwfonds Investment Management (Bouwfonds IM), the Dutch-based investment management company of Rabo Real Estate Group, has announced the successful completion of the EUR 50m refinancing of the Bouwfonds European Real Estate Parking Fund (BEREPF), a pan-European fund managed by Bouwfonds IM. Shift Capital assisted Bouwfonds IM in the refinancing of 12 car parks in France, England, Germany and Spain, representing more than 6,000 parking spaces.

The portfolio was refinanced through three mortgage lines for a total amount of approximately 50 million euros. This refinancing has been secured around three facilities in France, England and Germany, provided by a senior debt fund managed by La Française REM (LFP Créances Immobilières) for France, The Royal Bank of Scotland for the UK and Sparkasse Passau, partnering with Bayern LB for Germany.

Bart Pierik, Managing Director Parking Bouwfonds IM, stated “Bouwfonds IM is pleased to have accomplished this refinancing project with support of banks from different countries. The banks clearly appreciated the stable and solid returns which the fund generates”

Jaap Gillis, CEO Bouwfonds IM: “We see strong interest from our clients for our parking funds. The fact that the banks have also shown their confidence in our parking funds strengthens our ambition to further invest in setting up new parking funds all over Europe”.

Shift Capital was the advisor and assisted BEREPF in the contacts with prospective lenders, negotiations and coordination during the closing process.

BEREPF was set up in 2005 being the first real estate fund to specialise in investing in car parks. BEREPF is a non-listed real estate fund of Bouwfonds IM and has a portfolio of around € 260 million invested on behalf of institutional investors. The portfolio currently contains 19 parking garages located in Germany, France, Spain, Great Britain and the Netherlands.