Leeds lawyers advise on multi-million Euro car park deal
LAWYERS from the Leeds office of DWF have advised on the acquisition of three car park in the UK in a deal valued at 92 million Euros.
The car parks in Manchester, Brighton and Cardiff have been snapped up by Bouwfonds Investment Management (Bouwfonds IM) for its second institutional parking fund.
Following the success of the first Bouwfonds European Real Estate Parking Fund, the firm launched its second fund for institutional investors in 2012 to build up a pan-European portfolio of sustainable car parks, primarily in city centre locations across Europe.
Since its launch in 2012, the fund has invested around 300 million Euros into car parks across Europe.
Bart Pierik, Bouwfonds IM managing director parking, said: “We invest in firstclass and sustainable car parks located in European city centres with high growth. Cities are chosen based on local real estate market conditions as well as long-term social-economic attractiveness, we can fulfil demand from institutional clients with our European-wide investment strategy and thus participate in growing the asset class further.”
Nic Crocker, partner in real estate at DWF advised Bouwfonds IM on the acquisition, supported by associate’s, Christopher King, Tracy Rose and senior associate Stephanie Bagshaw.
Mr Crocker said: “It was great to support Bouwfonds IM on such a significant acquisition which will enhance their rapidly growing Fund II, already at 13 car parks. They are the first investment manager to launch a fund exclusively dedicated to investing in car parks and are market leaders in this field.
“We have a strong real estate team in place at DWF, and due to geographical reach, ongoing investment and core expertise, we are well placed to support clients on deals of this size across the UK and internationally.”
