Bouwfonds European Real Estate Parking Fund ll has acquired its first car park in Ireland, growing its total portfolio to EUR 135 million. The multi-storey car park is located in the inner city centre of Dublin on Jervis Street and contains 267 parking spaces.

The seller is a private investor, which operated the parking garage as well. Bouwfonds Investment Management has signed a new, long-term lease agreement with APCOA Parking Ireland.  The investment volume is roughly EUR 15 million.The car park is located in the main retail area in the heart of downtown Dublin, and is the first car park when accessing Jervis Street from Lower Ormond Quay. This transaction also includes the acquisition of an office building and three retail units.

In response to the acquisition, Bart Pierik, Managing Director Parking of Bouwfonds IM, said. “We are pleased to have acquired our first parking garage in Ireland. The parking garage is situated in a mixed-use environment with residential units, shopping areas, offices, hotels, bars and restaurants, which is a perfect location because in a city area like this a car park is used 24 hours a day. It’s a stable investment with a low risk profile,” he added. HWBC advised the fund in this transaction.

Bouwfonds European Real Estate Parking Fund ll
Bouwfonds European Real Estate Parking Fund ll invests in first-class, sustainable car parks, primarily in city centre locations across Europe. The acquisition in Dublin is the fund’s seventh acquisition increasing the total portfolio to approx. EUR 135 million. Other investments include car parks in Leipzig, Amsterdam (2x), Groningen, Oslo and Sheffield. Early 2013, the Bouwfonds European Real Estate Parking Fund II held its final closing, raising the fund’s total commitment to EUR 187 million. With leverage this amounts to approx. € 370 million in buying power. Bouwfonds European Real Estate Parking Fund II is structured as a German KAG.