Bouwfonds European Real Estate Parking Fund II has acquired a car park in Leipzig for €30m (£25.4m).
The property is located at Leipzig’s Augustusplatz and provides 1,268 underground parking spaces as well as service and retail units above ground.
The sellers are the Provinzial Rheinland and Provinzial Nord-West insurance companies, which held the property through a joint venture.
The underground car park was constructed in the mid 1990s and is let to car park operator Q-Park on a long term contract.
The transaction was brokered by Aengevelt Immobilien. Legal advice on the buyer’s side was provided by CMS Hasche Sigle and on the seller’s side by Orrick, Herrington & Sutcliffe LLP.
The European Parking Fund II is structured as German real estate special fund and invests in a pan-European portfolio of first-class, commercially sustainable car parks, primarily in city centre locations but also in transport hubs or in combination with hospitals.
The fund holds has a portfolio worth €187m. The investors are a group of German insurers, pension funds and employee benefit plans.
The fund plans to complete the acquisition phase by the end of 2014.
“We are pleased to have acquired the largest and one of the most modern car parks in Leipzig with this property.
“In addition to its very central location between the Gewandhaus concert hall, the opera and the new university campus, the underground car park on Augustusplatz also scores in terms of security, cleanliness and service,” said Ruud Roosen, fund manager of Bouwfonds REIM’s real estate special fund for car parks.
