Bouwfonds REIM held its final closing for its second institutional Parking Fund with a total equity commitment of €187 million.
The fund is structured as a German real estate vehicle–‘Immobilien-Spezialfonds’ and invests in a diversified pan-European portfolio of first class car parks with a focus on inner-city locations.
The fund already has acquired its first investments and expects to be fully invested by the end of 2014.
‘Car parks offer great investment opportunities’, says Ruud Roosen, Funddirector of Bouwfonds European Parking Fund II. ‘Over the last five years, car park investments have outperformed the general real estate segments. Despite the economic circumstances they have generated solid returns. Car park investments offer stable and secured cash flows with long-term leases.’
Jaap Gillis, CEO Bouwfonds REIM: ‘Next to commercial and residential real estate, communication infrastructure and agriculture is car parks one of the five sectors Bouwfonds REIM focuses on. A couple of years ago we were the first with a pan-European car park fund for institutional investors. This fund is fully invested and has €270 million of assets under management spread over 20 car parks in five countries. Meanwhile we have become one of the leading institutional fund managers in the car park market in Europe.’
Source: Bouwfonds REIM