Dutch-German investment manager Primevest Capital Partners has acquired the ‘Heuvelpoort’ multi-storey car park in Tilburg in the Netherlands for €16.5 million from Tilburg Centrum OG B.V. This acquisition, for the Primevest European Parking Fund IV, brings Primevest’s total car park assets under management to over €1.0 billion and confirms its position as the largest investor in this specialist property asset class in Europe.
Heuvelpoort is located in Tilburg’s city centre and has 375 parking spaces spread over a ground floor and 11 split levels above. The property was built in the 1980s and was renovated and expanded in 2017. Primevest is to lease the car park back to the current owner/operator who will continue to optimize its performance.
Ruud Roosen, Partner, Primevest Capital Partners, says: “Well-located, inner city car parks make resilient investments and Heuvelpoort is a good example. It is set in a prime location close to Tilburg’s main shopping area, which according to InRetail is proving to be one of the Netherlands most robust city centres during the Covid-19 pandemic. There are also a theatre, Pathé cinema and Mercure hotel nearby, all of which ensure that the car park is in use 24 hours per day.”
Tilburg is the seventh most densely populated city in the Netherlands with 220,000 inhabitants and one of the country’s 12 university cities with 30,000 students. It is in the southern province of Noord-Brabant, near to the Belgium border, and as such is a major logistics hub serving Decathlon, Tesla, Bijenkorf, CocaCola, Sony, and Samsung amongst others. Tilburg was recently named the ‘Logistics Hot Spot’ of the Netherlands by Logistiek.nl. The strength of the city’s economy is underpinned by a large variety of industries, including the transportation, chemical, medical, food and education sectors and the presence of many large Dutch and international retail chains underpins the resilience of Tilburg’s central retail district.
Bas Magielse, Fund Manager, concluded: “The property in Tilburg represents the 49th car park in the low risk, income producing portfolio that we have assembled and manage for our investors. Being able to secure this opportunity in a highly competitive market demonstrates the strength of our network and local market knowledge. We have ready equity to invest in similar opportunities to Tilburg across European markets.”
Primevest was advised by RPS, Deloitte and CMS NL.
About Primevest Capital Partners
Primevest Capital Partners is a pan-European investment boutique that specializes in innovative real estate and property investments. Due to the extensive industry knowledge with a focus on specialized investment sectors such as parking, telecommunications and affordable, contemporary living, Primevest Capital Partners has developed into a leading provider in these areas. Our top priority is to achieve attractive risk-adjusted returns for our customers. In doing so, we pay attention to sustainable income and value creation. Primevest Capital Partners currently manages assets of €1.7 billion, spread across eight sector-specific funds and three individual institutional mandates. Primevest Capital Partners currently has 40 employees at its locations in Utrecht and Berlin.