Bouwfonds Investment Management (IM) successfully completed the placement of “Bouwfonds Private Dutch Parking Fund II” at the end of 2015. The equity totalling some 55 million euros was primarily raised from retail investors. Other investors include foundations and semi-professional investors. The total investment volume including borrowed capital amounts to some 97 million euros. The fund’s investment properties comprise six car parks in the Netherlands. The properties were already included prior to the placement.

At the end of June 2015, a long-term financing agreement for 36.25 million euros was concluded with Berlin Hyp. Latham & Watkins was given a mandate in connection with the financing.

“We are delighted with the placement of our second public fund in car parks,” commented Martin Eberhardt FRICS, managing director of Bouwfonds IM Germany. “The high demand underscores the quality of our product. It also shows that we are able to fulfil the current needs of investors for stable and attractive cash flows through the car park asset class. The fund is highly convincing in terms of its extremely long-term rental agreements,” continued Eberhardt. The rental agreements are index linked and have a term of up to 45 years. Five of the car parks are rented by Q-Park, one of the three main car park operators in Europe.

Rödl & Partner (Hamburg and Nuremberg) provided legal and tax advice relating to the fund concept on the German side, and Loyens & Loeff acted as advisors on the Dutch side. IntReal International Real Estate Kapitalverwaltungsgesellschaft mbH assumed the external management of the closed-end public AIF and the related administrative tasks. As the initiator, Bouwfonds IM remains responsible for asset management and investor relations. Service KVG IntReal and Bouwfonds IM have been cooperating since 2012. CACEIS Bank Deutschland GmbH is the depository bank.

Bouwfonds IM is a leading provider of car park funds in Europe and has been issuing funds for more than ten years in this segment. The investment company manages a total of five funds with car park real estate: two closed-end public funds for German retail investors and three open-end real estate special funds for institutional investors. Assets under management in the car park segment total some 790 million euros. The assets are primarily located in economically stable countries like the Netherlands, the United Kingdom, France, Germany and the Scandinavian states.