Bouwfonds European Real Estate Parking Fund II, managed by Bouwfonds REIM has acquired the Westerhaven car park located in Groningen, the Netherlands. The seller is Bouwinvest, on behalf of Bouwinvest Dutch Institutional Retail Fund N.V.

With 807 parking spaces Westerhaven car park is the second largest car park in the city. It is strategically located on the inner city ring road and is part of a 14,000 square meter retail complex. The car park is leased to the Municipality of Groningen and is operated by Q-Park, one of Europe’s top three car park operators.

Ruud Roosen, Fund Manager Bouwfonds European Real Estate Parking Fund II: “In 2005 we launched the first fund in Europe exclusively dedicated to car park investments. Given its success and the attractive features of investments in car parks we have launched this second institutional fund in 2012.” Bouwfonds European Real Estate Parking Fund II is structured as a German Immobilien-Spezialfonds serviced by IntReal Kapitalanlagegesellschaft (KAG) and will invest in a portfolio of car parks throughout Europe. Roosen: “This is the first acquisition we have made for this fund and we expect to announce further investments in the next few months due to our very strong pipeline for car park acquisitions.”

Jaap Gillis, CEO Bouwfonds REIM: “We are the leading parking fund manager in Europe. Last year we also successfully placed a parking fund for German private investors. This fund was awarded several German Industry awards.” Currently  Bouwfonds REIM manages approximately € 350 million worth of car park assets.