Second closing for Bouwfonds parking lot fund
Bouwfonds Investment Management (Bouwfonds IM) is raising further equity for its third institutional parking garage fund Bouwfonds European Real Estate Parking Fund III (BEREPF III).
In a second closing, around 125 million euros of equity is to be raised from German institutional investors. The fund invests in economically sustainable parking garages in Europe, which are located in inner-city locations, but also at transportation hubs or in conjunction with hospitals. The target volume of BEREPF III is 300 million euros.
According to Martin Eberhardt, Managing Director of Bouwfonds IM Germany, parking garage properties generate distribution yields above 4.5 percent with a low risk profile despite the generally sharp decline in yields.
BEREPF III was launched at the end of 2014 with the acquisition of the "Mahler" parking garage. In a first closing, around 53 million euros were raised from investors. The property is located in the heart of the Amsterdam South office location in the Dutch capital and has 1,755 parking spaces. This makes it one of the largest parking garages in the Netherlands. (ah)
