Hamburg-based property company Quantum Immobilien said on Monday it has launched the new City Parking special real estate fund for institutional investors. The fund will invest in multi-story car parks and parking lots in Germany and the rest of Europe and will target a size of between EUR 25 mln to EUR 500 mln, of which at least half will be equity. City Parking aims to reach a return of 8% to 10% per annum, Quantum said in a statement. It added that the fund's management fee will be performance-related, meaning that it is charged on the basis of the payout return generated for the investors.
Hamburg-based property company Quantum Immobilien said on Monday it has launched the new City Parking special real estate fund for institutional investors. The fund will invest in multi-story car parks and parking lots in Germany and the rest of Europe and will target a size of between EUR 25 mln to EUR 500 mln, of which at least half will be equity. City Parking aims to reach a return of 8% to 10% per annum, Quantum said in a statement. It added that the fund's management fee will be performance-related, meaning that it is charged on the basis of the payout return generated for the investors.
The fund aims to build up a portfolio of multi-story car parks in selected and high-potential locations throughout Europe. 'The parking investment segment offers positive performance opportunities in Europe for operators and portfolio holders alike. Active asset management, such as the development of new sales markets and improved rationalization based on effective management, offers major potential for increasing value', according to Philipp Schmitz-Morkramer, CEO of Quantum Immobilien. 'Multi-story car parks are ideal for diversifying risk owing to the fact that their revenues are steady and independent of economic trends', Schmitz-Morkramer said.
The fund has made its first deals with the purchase of two multi-story car parks in Regensburg and Bremen for a total of EUR 11 mln.
