Bouwfonds IM acquires Mahler car park in Amsterdam

Berlin / Hoevelaken, 17 December 2014 – Bouwfonds Investment Management (Bouwfonds IM) has acquired the Mahler underground car park in Amsterdam for approximately EUR 130 million. With 1,755 parking spaces it is one of the largest car parks in the Netherlands. The car park, which is centrally located in the heart of Amsterdam Zuidas, the most prestigious CBD of the Netherlands, has five underground parking levels. Above the car park there are six high-rise office buildings, Viñoly, The Rock, ITO/SOM, UN Studio, Baker & McKenzie House and the FOZ building, and one apartment building (New Amsterdam). The property was acquired from car park operator Q-Park on the basis of a long-term lease agreement with Q-Park. The property is owned by two German real estate funds:  Bouwfonds European Real Estate Parking Fund II (BEREPF II) and Bouwfonds European Real Estate Parking Fund III (BEREPF III). In connection with this transaction, Bouwfonds European Real Estate Parking Fund III was launched and held its first closing with capital from German institutional investors.  BEREPF II and BEREPF III are administrated on the platform of the Service-KVG IntReal.

“We are pleased to have been able to acquire one of the country’s top underground car parks for our funds,” comments Bart Pierik, Managing Director Parking of Bouwfonds IM. “The location in Zuidas (southern axis) in Amsterdam, the country’s main CBD which has low vacancy rates and a great demand for high-quality parking spaces, is a key advantage,” continues Pierik. “We are also pleased to have a highly experienced operator as a long-term tenant.”

BEREPF II and BEREPF III both have the legal structure of a German open-ended real estate Spezial-AIF. Both funds invest in first-class, economically sustainable car parks in Europe, primarily in inner city locations and transport hubs as well as ones associated with hospitals.
The financing for this transaction was provided by BerlinHyp. Bouwfonds IM 
was assisted in this transaction by CMS Derks Star Busmann for legal due diligence, Latham & Watkins for German regulatory legislation and the financing documentation, Deloitte for tax due diligence and tax structuring, and RPS for the technical due diligence.

Q-Park was assisted with the sale and lease by Holland Van Gijzen Advocaten en 
Notarissen LLP for legal advice, CVO Group for technical advice and EY for tax advice. DTZ Zadelhoff acted as selling agent.

- Transaction volume of around EUR 130 million
- Prime location in the country’s main central business district
- Leased to car park operator Q-Park for a 25-year period
- First closing of third institutional parking fund