Car park fund shows promise
ABN Amro’s Bouwfonds Asset Management has set up a E300m fund focusing on European car parks. The manager said its European Real Estate Parking Fund had been successfully placed with Dutch and German institutional investors.
The fund will invest in parking garages in city centres, shopping malls and other sustainable points in 12 European cities. It will be supported by car park operator Vinci, which boasts around 800,000 parking spaces worldwide.
Officials said the Luxembourg-domiciled fund - believed to be the first focused on this sector - presents a solid and sustainable investment possibility.
The initial portfolio includes car parks in London, Paris, Madrid and several other large French cities. The parking sector is attracting considerable attention from investors as it is showing attractive returns and a low dependence on economic cycles.