German fund manager Quantum Immobilien has acquired a portfolio of five Dutch carparks from Holland Immo Group, part of of Primevest Capital Partners.
Financial details were not disclosed.
The assets, held by Holland Immo in Parking Fund Nederland I, II and V, comprise more than 3,200 parking spaces across five public car parks, located in Amsterdam, The Hague, Gouda and Rotterdam.
Quantum Immobilien purchased the portfolio on behalf of Sondervermogen I Quantum City Parking Netherlands II.
Mirian Broere, head of investments at Holland Immo Group said: 'Partly due to the good locations, reliable tenant (Q-park) and long remaining rental periods, we have been able to achieve excellent returns for our investors that exceeded the forecasts.
'Together with the sale of the aforementioned five public car parks and the other two car parks that were also sold last December, we have successfully completed the first initiated parking garage funds which have reached the intended fund maturity of 7 to 10 years.
'We have undiminished confidence in the 'parking' asset class and will therefore continue to focus on this stable asset class in which we have extensive and long-standing experience.'
Matthieu Dekkers, investment management (Parking) at Holland Immo Group: 'Following the successful sales of the parking garages of Parking Fund Nederland I, II, IV and V, we are now focusing on initiating a new private fund.
'Furthermore, we remain in acquisition mode and have many investors looking to invest in parking garages across Europe.'