Bouwfonds Investment Management (Bouwfonds IM) has successfully completed the acquisition of a European car park portfolio for its third institutional car park fund, Bouwfonds European Real Estate Parking Fund III, a German open-ended special property fund (‘BEREPF III’). Seller was Bouwfonds European Real Estate Parking Fund I (‘BEREPF I’).
On completion, Bouwfonds IM has also refinanced the car park portfolio. The car parks in Germany, the Netherlands and France have been refinanced through a financing facility provided by BerlinHyp AG and Deutsche Postbank AG as Lenders, whilst the car parks in the United Kingdom and Spain have been refinanced through a financing facility provided by Deutsche Postbank AG.
Following completion, Bouwfonds has successfully expanded the BEREPF III portfolio and divested its BEREPF I portfolio. BEREPF III is now invested in 21 car parks in total, located in major cities in seven European countries. BEREPF III is now fully invested with an investment volume of almost EUR 400 million. The seller, BEREPF I, was the first investment fund exclusively dedicated to investments in car park real estate car park that Bouwfonds IM launched in 2005 and reached fund maturity. After a careful and strict compliance process, in order to manage potential conflicts of interest and to ensure a transparent, competitive and fair sale, the properties of BEREPF l have been sold to BEREPF lll.
In this multi-jurisdiction transaction both seller and buyer obtained support from renowned advisors. The seller was amongst others supported by Cushman & Wakefield (broker), CMS (multi-jurisdiction legal and tax support), Bureau Veritas Asset Management (technical support). The buyer was supported amongst others by Unifore DMC Real Estate Finance (financing arranger), Deloitte (tax), DLA (legal transaction support) , whilst Latham & Watkins (Germany , United Kingdom & Spain), and NautaDutilh (Netherlands and Luxembourg) were responsible for legal advice on the financing documentation and legal restructuring. Technical advice came from Apleona/GVA. Dentons has advised the banks on the finance documentation in all jurisdictions.
IntReal International Real Estate Kapitalverwaltungsgesellschaft mbH, Hamburg, Germany, 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.