Amsterdam-based Orange Investment Managers has announced it acquired three parking garages for its various managed funds in the cities of Heerlen, Utrecht and Eindhoven in the second half of 2019, committing €70 mln in total.
'Car parks are a niche market in Europe and that requires focus. We are therefore very pleased to have been able to acquire these parking garages from our network,' said director Michiel Gerritsen.
'With our expanded team, we expect to be able to sustainably maintain and further expand our growth of the past year in 2020,' Gerritsen added.
According to the firm, the parking garage in Eindhoven is still in the construction phase and will be completed after the summer.
The deals contributed to a total portfolio growth of more than €100 mln in 2019, spread across three EU countries.
Orange IM is a specialist investment manager with a focus on parking real estate, currently managing garages in six countries, namely the Netherlands, the UK, Ireland, Germany, Italy and Denmark.