Bouwfonds Investment Management (Bouwfonds IM) announces it has made its first investment for its 4th institutional parking fund in Glasgow, Scotland’s largest city and third in the UK. Mitchell Street car park is located in the city centre of Glasgow, close to the prime retail area and central station. Buchanan Street, UK’s 2nd busiest retail street, after Oxford Street in London, is only yards away.
The multi-storey car park of 220 parking spaces is operated by NCP, the largest car park operator in the UK which was recently taken over by a Japanese consortium of Development Bank of Japan and Park24. Bart Pierik, Managing Director Parking Bouwfonds IM comments: “This is the first acquisition for our Bouwfonds European Real Estate Parking Fund IV and the 47th car park in our portfolio. This car park will further strengthen our high-quality and sustainable portfolio of car park investments across Europe”.
Bas Magielse, Fund Manager Parking Bouwfonds IM adds: “Mitchell Street is very well located and an asset which is expected to provide a very stable and relatively attractive cash return for our investors.”
The fourth institutional Parking Fund is structured as a German Immobilien-Spezialfonds serviced by HANSAINVEST Hanseatische Investment-GmbH (KVG) and will invest in a portfolio of car parks throughout Europe.
Bouwfonds IM Parking
Bouwfonds IM is the leading specialist for car park investments in Europe, and has been launching funds in this segment for over ten years. Including BEREPF IV, the investment manager currently manages a total of six funds with 47 car park properties. Assets under management in the car park segment represent a value of around EUR 900 million. The properties are located at very strong locations in several European countries.
About Bouwfonds Investment Management
Bouwfonds Investment Management (Bouwfonds IM) is the real asset investment management company of Rabo Real Estate Group. We offer distinctive investment products for institutional and private investors in selected real estate and infrastructure sectors. Bouwfonds IM manages a portfolio with a total value of € 5 billion, distributed among the following sectors: commercial and residential real estate, communication infrastructure and car parks. Bouwfonds IM has local offices in the Netherlands, Germany and France.