Bouwfonds Investment Management (Bouwfonds IM) has acquired a car park in Finland for its third institutional parking fund (open ended special AIF)‚ the Bouwfonds European Real Estate Parking Fund III (BEREPF III).
The property is located underneath the Kasarmitori town square in the central districts of Helsinki. The investment volume amounts to around EUR 28 million. The seller is the Finnish financial investor OP. The property is an underground car park with a total of 400 parking spaces, all below ground level. It is operated by Finland’s biggest car park operator Q-Park. Following this purchase in Helsinki, BEREPF III is now fully invested.
Bart Pierik, Managing Director of Parking comments: “We are pleased to be able to broaden the fund’s asset allocation with the acquisition of this underground car park. With the purchase agreements already signed, the fund will be invested in seven European countries.”
And René Zerull, Fund Manager of Parking Fund III, adds: “The underground car park in the Kasarmitori district in central Helsinki is Bouwfonds IM’s second car park investment in northern Europe after an acquisition in Oslo. We intend to continue our growth in this region in the years to come.”
Martin Eberhardt FRICS, Country Manager of Bouwfonds IM Deutschland, adds: “We have succeeded in investing the funds committed by our investors for BEREPF III in an attractive portfolio in line with the strategy. Our strategy is to develop a European portfolio of top-quality, sustainable car parks, preferably in city-centre locations.”
Launched in 2014, BEREPF III is Bouwfonds IM’s third institutional car park fund. “Demand among institutional investors for car park investments remains high,” Eberhardt continues. “We were therefore able to launch the successor fund, BEREPF IV, in April 2017 already.” The property assets managed by Bouwfonds IM in the parking asset class currently amount to around EUR 900 million.
Bouwfonds IM was given support with the transaction by the law firms Latham & Watkins Hamburg and Bird & Bird Helsinki and by the Swedish real estate investment management company RIM. IntReal International Real Estate Kapitalverwaltungsgesellschaft mbH is acting as the service asset management company for the fund, performing administration of the open ended special AIF.
About Bouwfonds Investment Management
Bouwfonds Investment Management (Bouwfonds IM) is the real asset investment management company of Rabo Real Estate Group, one of Europe’s leading real estate companies. We offer distinctive investment products for institutional and private clients in selected real estate, infrastructure and natural resources sectors. Bouwfonds IM manages a portfolio with a total value of €6 billion, distributed among the following sectors: commercial and residential real estate, communication infrastructure, parking, and agriculture. Bouwfonds IM has local offices in the Netherlands, Germany, France, Poland and Romania.