In line with earlier funds, the core strategy remains constant: to invest in car parks located in high-density inner-city areas. The fund closed for new investors in October 2016 and has total equity commitments of €220.7 million.
The fund was fully invested by August 2017, with its final acquisition a pan-European portfolio of car park assets located across several countries, which at the time was the largest single transaction in this sector. Primevest European Real Estate Parking Fund III’s portfolio comprises 22 car park assets located in seven countries.
Despite appearances, car parks are anything but dull. Having spotted the opportunity of this asset class in 2011, we have grown to become Europe’s largest car park asset investment manager. We have over €1.0 billion in assets under management across five car park funds, with the latest one still in acquisition mode.
Car parks are fundamental to enabling mobility in Europe’s high-density city centres and have proven to be resilient, even in periods of economic instability. As city centres increasingly restrict on-street car parking, either by the removal of spaces or increasing already high on-street parking fees, we believe these assets will play a fundamental part in the evolution of our cities.
Read more about our vision for the future of city-centre car parks.
‘Car parks provide an essential role in our city centres and will continue to do so as on-street parking is removed. ’
Ruud Roosen , Fund Director