Primevest Capital Partners acquires two multi-storey car parks in Vienna from Rhomberg Bau for 20 million euros

The Dutch-German investment manager Primevest Capital Partners has acquired two newly built multi-storey car parks, a supermarket and a commercial unit in Vienna for around 20 million euros for its Primevest European Parking Fund IV.

The seller is the client Rhomberg Bau GmbH, who also built the objects together with Goldbeck Rhomberg as general contractor. The multi-storey car parks “Hauptbahnhof Ost 1&2” with more than 800 parking spaces are located in Vienna’s new Sonnwendviertel district and are leased on a long-term basis to the car park operator Goldbeck Parking. The supermarket is a Hofer branch (Aldi Group), the commercial unit is rented by the bouldering hall operator Boulderbar. Additional income is generated from leases for communication antennas and solar systems on the roof of the parking garages.

The Sonnwendviertel is one of Vienna’s largest revitalization projects. It is located in the “Favoriten” district, one of the most densely populated parts of the city with over 200,000 inhabitants. On the site of the former Südbahnhof, 5,500 new apartments for 13,000 residents, offices and hotels as well as social and cultural facilities were built here. As the main parking spaces for the district, the two multi-storey car parks “Hauptbahnhof Ost 1&2” will primarily cover local needs. In the future, they could also support the new Vienna Central Station, which opened in 2014 and is only a 10-minute walk away, as well as the districts on the other side of the railway line, which can be reached via a new pedestrian bridge.

Bas Magielse, fund manager of Primevest Capital Partners, said: “The traditional role of multi-storey car parks as a pure parking space for vehicles is changing. They are evolving into centres with a wider range of services and are increasingly being integrated into urban infrastructure as the availability of expensive street parking spaces decreases and municipalities restrict vehicle access to city centres. Consumers benefit from the additional services these centers can provide, from electric car charging stations to e-commerce pickup services. With the supermarket and the additional services, this acquisition will become a key service centre for the Sonnwendviertel.”

Martin Summer, Managing Director of Rhomberg Bau in Vienna, explained: “Parking garages are very purpose-driven in their function, but that hasn’t stopped us from attaching great importance to aesthetics and sustainability in the development of this project. The goal was to make our investment ‘future-proof’ by securing and maximizing its value for years to come. The design of the facades, for example, was the result of an architectural competition, and the sides of the multi-storey car parks facing the residential buildings are partially greened. In addition, we have equipped the roof areas with a photovoltaic system that supplies the park operation with electricity and can feed excess energy into the public grid.”

Bas Magielse, fund manager, adds: “Vienna has proven to be one of the most economically consistent cities in Europe, and this property meets exactly the criteria of our investors. This acquisition reinforces our pan-European portfolio of high-quality and sustainable assets, which are in high demand among investors. We remain in acquisition mode and have capital to invest in parking garages across Europe.”

Primevest was advised by Drees & Sommer on the technical aspects, while TPA acted as financial and tax advisor and cmS advised on the legal side.

© Andreas Buchberger


About Primevest Capital Partners
Primevest Capital Partners is a pan-European investment boutique specializing in innovative real estate and real estate investments. Due to its extensive industry knowledge with a focus on specialized investment areas such as parking, telecommunications and affordable, contemporary housing, Primevest Capital Partners has become a leading provider in these areas. Our ultimate goal is to achieve attractive risk-adjusted returns for our clients. In doing so, we pay attention to sustainable returns and added value. Primevest Capital Partners currently manages €1.8 billion in assets across six sector-specific funds and three individual institutional mandates. Primevest Capital Partners currently employs 40 people in Utrecht and Berlin.

Press contacts:
Capital Partners Lisette van
Ham Head of Marketing & Corporate Communications

About Rhomberg Bau
In the Construction division, the Rhomberg Group acts as a full-service provider and offers solutions and services for all life cycle phases of public and private buildings. This holistic approach ensures the optimization of customer benefits and life cycle costs and also enables the realization of projects that fully meet the criteria of sustainability. Rhomberg Bau’s range of services ranges from planning and project development to residential construction, public and commercial building and civil engineering, conversion and renovation to real estate or business park management. The focus is on user-oriented, ecologically valuable and socially meaningful solutions for living, working or meeting spaces. Rhomberg Bau is active as both a total contractor and a general contractor and realizes turnkey projects.

Press contacts:
Rhomberg Bau
GmbH Torben


Primevest Capital Partners and ParkBee team up to acquire and operate two smart mobility car parks in Rotterdam

Dutch-German investment manager Primevest Capital Partners and digital car park operator ParkBee have teamed up for the acquisition and operation of two prime car park assets in Rotterdam. Primevest has purchased the asset for around €14 million for its Primevest European Parking Fund IV, while digital car park operator ParkBee will run the daily operations under a long-term lease contract.

The two car parks are located at Wijnstraat 78 & 100, in the heart of Rotterdam’s inner-city business district between its main shopping area and the old port of Rotterdam, with the central business district, Maritime Museum, the Markthal and Cube Houses among the attractions served by the car parks.

Rutger Schuur, CIO at ParkBee said: “The assets offer ample opportunity for improved performance as digitalisation helps us to increase use by directing drivers to empty spaces. With our smart systems we help customers to find the most convenient parking location for the most attractive price across our large network of digitally connected garages. We see substantial opportunities in Rotterdam to increase turnover by encouraging short term use from the adjacent business district as well as from visitors to the city and local residents. Centrally-located car parks and knowledgeable owners such as Primevest allow us to deliver a better all-round user experience and make optimal use of existing urban infrastructures such as the Wijnstraat car parks.”

Bas Magielse: Fund Manager Primevest: “Digitalisation adds value to an asset, making off-street parking quick, cheap and easy as smart operators like ParkBee use technology to direct users to vacant parking bays. Purpose-built car parks reduce the number of vehicles parked on the streets and smart traffic systems lower congestion and pollution thereby making a positive contribution to the environment. This is a win-win for all concerned: from car users to municipalities to operators and investors.”

Primevest has capital available to invest in prime inner city car parks and remains acquisitive. Car parks have proven to be resilient, offering stable long-term cashflows and providing diversification benefits to institutional real estate investors. As a vital part of the infrastructure of cities, their resilience is supported by the trend of removing on street parking to open up public space while keeping cities accessible.

Primevest was advised by technical consultant RPS and law firm CMS NL.

About Primevest Capital Partners
Primevest Capital Partners is a pan-European investment boutique that specializes in innovative real estate and property investments. Due to the extensive industry knowledge with a focus on specialized investment sectors such as parking, telecommunications and affordable, contemporary living, Primevest Capital Partners has developed into a leading provider in these areas. Our top priority is to achieve attractive risk-adjusted returns for our customers. In doing so, we pay attention to sustainable income and value creation. Primevest Capital Partners currently manages assets of €1.8 billion, spread across eight sector-specific funds and three individual institutional mandates. Primevest Capital Partners currently has 40 employees at its locations in Utrecht and Berlin.

For more information, please contact:
Primevest Capital Partners
Lisette van der Ham
Head of Marketing & Corporate Communications



Press release – Primevest CP acquires Glasgow car park

Primevest Capital Partners 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 Partner Primvest Capital Partners comments: “This is the first acquisition for our 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 Primevest Capital Partners 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.

Primevest Capital Partners 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.


Primevest CP successfully completes acquisition of a pan-European car park portfolio

Primevest Capital Parners has successfully completed the acquisition of a European car park portfolio for its third institutional car park fund, a German open-ended special property fund. Seller was Bouwfonds European Real Estate Parking Fund I (‘BEREPF I’).

On completion, Primevest CP 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, Primevest CP has successfully expanded the portfolio and divested its BEREPF I portfolio. The portfolio is now invested in 21 car parks in total, located in major cities in seven European countries. The portfolio 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 Primevest CP.

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.