Primevest Capital Parners has successfully completed the acquisition of a European car park portfolio for its third institutional car park fund, a German open-ended special property fund. Seller was Bouwfonds European Real Estate Parking Fund I (‘BEREPF I’).
On completion, Primvest CP has also refinanced the car park portfolio. The car parks in Germany, the Netherlands and France have been refinanced through a financing facility provided by BerlinHyp AG and Deutsche Postbank AG as Lenders, whilst the car parks in the United Kingdom and Spain have been refinanced through a financing facility provided by Deutsche Postbank AG.
Following completion, Primevest CP has successfully expanded the portfolio and divested its BEREPF I portfolio. The portfolio is now invested in 21 car parks in total, located in major cities in seven European countries. The portfolio is now fully invested with an investment volume of almost EUR 400 million. The seller, BEREPF I, was the first investment fund exclusively dedicated to investments in car park real estate car park that Bouwfonds IM launched in 2005 and reached fund maturity. After a careful and strict compliance process, in order to manage potential conflicts of interest and to ensure a transparent, competitive and fair sale, the properties of BEREPF l have been sold to Primevest CP.
In this multi-jurisdiction transaction both seller and buyer obtained support from renowned advisors. The seller was amongst others supported by Cushman & Wakefield (broker), CMS (multi-jurisdiction legal and tax support), Bureau Veritas Asset Management (technical support). The buyer was supported amongst others by Unifore DMC Real Estate Finance (financing arranger), Deloitte (tax), DLA (legal transaction support) , whilst Latham & Watkins (Germany , United Kingdom & Spain), and NautaDutilh (Netherlands and Luxembourg) were responsible for legal advice on the financing documentation and legal restructuring. Technical advice came from Apleona/GVA. Dentons has advised the banks on the finance documentation in all jurisdictions.
IntReal International Real Estate Kapitalverwaltungsgesellschaft mbH, Hamburg, Germany, is acting as the service asset management company for the fund, performing administration of the open ended special AIF.