Berlin Hyp and Postbank have teamed up to provide a €92 million loan for the acquisition of a pan-European car park portfolio for the Bouwfonds European Real Estate Parking Fund III.
The lenders, which will contribute equally to the debt facility, have provided a five-year term including an extension option. Berlin Hyp has acted as agent for the syndicate.
The syndicated loan will represent an “integral” part of the overall financing for the open-ended fund from Dutch investor Bouwfonds Investment Management, Berlin Hyp said.
The newly financed portfolio comprises 12 car parks, of which seven are in France, three in Germany and two in the Netherlands. The new car parks offer about 6,300 parking lots in total and are in the central business districts of Paris, Amsterdam, The Hague, Bonn and other major cities.
With the new portfolio, the firm aims to extend and diversify the fund’s investment base, which consists also of car parks in the UK, Spain and Finland.
Investors are waking up to car parks’ yield-generating potential and stable cashflows, as Real Estate Capital‘s sister title Infrastructure Investor reports.
This interest is illustrated by the sale of Q-Park to KKR Infrastructure and EDF Invest, which reportedly generated interest from 30 bidders in the first round before eventually being sold for an enterprise value of €2.95 billion.