Bouwfonds Investment Management has acquired another car park for its Bouwfonds European Real Estate Parking Fund II. The car park, called Bankplassen, is situated in the old city center of Oslo, Norway. The total transaction volume amounts to approximately €25 million.
The underground car park has recently been renovated and now consists of 368 parking spaces, divided over three levels. Through a sale and leaseback arrangement the car park is leased to Q-Park. The acquisition is in line with the fund’s strategy of investing in first-class, sustainable car parks, primarily in city centre locations. The fund is looking for more car park investments across Europe.
Ruud Roosen, Director of Parking Fund ll, says: “This acquisition is a clear example of the company’s car park acquisition strategy, in which we focus on highly visible properties in the most attractive key areas of major European cities.”
Bouwfonds IM was advised by Newsec (broker) and by Advokatfirma Ræder (legal). Q-Park was advised by Akershus Eiendom (broker) and by Bahr (legal).
Source: Bouwfonds REIM