Orange IM & Catella Parken Europa Fund Acquire Underground Car Park in Odense, Denmark for €49 Million

Amsterdam/Munich Dutch headquartered Orange Investment Managers (Orange IM) and Germany’s Catella Real Estate AG (CREAG) have acquired a €49 million (DKK 365 million) underground car park in Odense beneath the central Thomas B. Thriges Gade (TBT) thoroughfare for the Catella Parken Europa Fund, which they jointly manage, from the city’s municipality. The proceeds of the sale will contribute to the financing of a new sustainable central urban district achieved by transforming the four-lane highway that split the heart of Denmark’s third largest city.

Peter Rahbæk Juel, Mayor of the City of Odense, said: “This sale is an important step towards accomplishing our ambitions of providing Odense with a new urban centre over the former Thomas B. Thriges Gade highway. Soon, the last brick will be laid reuniting the two halves of the city centre, creating a space that will attract urban activity and new communities. Good parking facilities are essential, if we are to ensure that the city’s guests and citizens are able to access all of the events and experiences that Odense has to offer.”

Odense Municipality’s ‘From Street to Town’ project aims to increase the density of the city centre by creating a new urban neighbourhood with  homes, offices, cultural institutions, restaurants, and cafes. Sustainability will underpin every facet of the new quarter, including green spaces, social diversity, transport and economy, from the construction phase to after completion. The area will be car-free. All traffic will be on foot, by city bus or light rail. Motorists visiting the city centre can  leave their vehicles in the TBT car park which currently accommodates around 1,000 vehicles a day.

Michiel Gerritsen, Director at Orange IM, said: “The decisive factor for us was the car park’s location and its accessibility. Due to its former function at a high-traffic axis, it is situated primarily under the city centre which makes it quite unique and very well suited for use as a mobility hub. The underground garage is an important facility for the city as it will divert the previous traffic flows and allow a sharp reduction in vehicle movements in the heart of Odense, boosting the quality of the environment while maintaining access to car mobility for those requiring it. The asset also offers great potential as the new city centre district above evolves.”

The investment partnership has entered a long-term agreement with Q-Park, who will be responsible for operations at the underground car park.

Johan Juncker, Q-Park, Business Development Manager, said: “This is a fantastic project in every way, with lots of potential. In the future, the car park could include a logistics centre for dropping off, or collecting, parcels and packages, charging stations for electric taxis, or serve as a centre for car sharing.”

Odense Municipality was advised by Colliers International (commercial) and Kromann Reumert (legal) and Catella Parken Europa was advised by Plesner (legal).

Orange Investment Managers, specialist investment manager with a focus on operational real estate, expands its team with Annemiek Bouwmeester (asset manager) and Jan Meijer (junior analyst).

Annemiek Bouwmeester gained her real estate experience at WPM Group, Colliers International, Intown (currently Aroundtown) and most recently at Vivion Investments where she was active as Junior Portfolio Manager and co-responsible for a European portfolio. At Orange Investment Managers, Annemiek will be responsible for the asset management of part of the real estate portfolio and thus directly involved in achieving the envisaged fund objectives.

Jan Meijer has been appointed junior analyst to support the acquisition and asset management teams. Jan recently completed his Masters in Economic Development and Globalisation at the University of Groningen and worked in a support role at Praxis IFM in Luxembourg during his studies.

“This expansion puts us in a better position to face this challenging period and to ensure a continuous high quality of our services and to invest our clients’ capital in the right way,” says Managing Director Michiel Gerritsen. “This will further enable us to continue to respond appropriately to new investment opportunities”.

Orange Investment Managers currently manages an international portfolio of parking garages in six countries in Europe for institutional investors from its offices in Amsterdam and Düsseldorf. In addition, Orange Investment Managers has started to build up a European portfolio of hotel properties. Like car parks, hotels have also experienced a difficult period over the past 16 months. Nevertheless, we are positive about both asset classes and see opportunities to acquire attractive investments for our clients while limiting risks. We expect to further expand our portfolio with new investments in the short term.

Orange Investment Managers, specialist investment manager with a focus on operational real estate, has joined forces with Elbert Frantsen and Boudewijn Stumpel, both of whom are responsible as partners for the hospitality real estate activities within Orange Investment Managers.

Boudewijn has worked at Corum for the past four years, where he gained international experience in commercial management of all commercial property categories as head of asset management. Within hospitality, Boudewijn is responsible for asset management.

Previously, Elbert was a partner at Corum and active as Global Sourcing Director, where he was responsible for the roll-out of Corum’s international investment programme. Elbert is responsible for hospitallity investments.

“Investment management, especially in a niche market like hotels and parking garages, requires focus and a continuous striving for quality of the property and our services. By offering a platform to Boudewijn and Elbert, we are enabling our team and organisation to take the next steps in our joint growth ambitions,” says managing director Jouke Schneider. “Both hotels and parking are currently going through a very challenging period, nevertheless we are positive for the future and see good quality investment opportunities.”

From its offices in Amsterdam and Düsseldorf, Orange Investment Managers manages an international real estate portfolio in six countries in Europe. The collaboration with Elbert and Boudewijn is a next step in the growth ambition and further development of the organisation, its activities and the portfolio.

In December 2020, two new parking garages were completed for one of the funds managed by Amsterdam-based Orange Investment Managers.

The parking garage in The Hague on the Escamplaan has been realized for visitors to the hospital and the surrounding houses. The new garage is part of ‘De Schoone Ley’, a redevelopment of the area around the hospital. This relates to 600 homes and various facilities. The parking garage offers space for ca 840 vehicles spread over two parking decks and is rented and operated by APCOA PARKING Nederland B.V.

On the former Phillips business park in Eindhoven, Strijp-S, the new parking garage ‘Langs het Spoor’ offers the necessary parking capacity to this special redevelopment offer. This six-storey built parking facility offers space for ca 570 cars as well as some parking spaces and storage rooms for residents of the adjacent new building. The parking garage is rented and operated by Mobility-S, the operator for the entire area with regard to parking and mobility.

Orange Investment Managers thanks Heijmans Vastgoed en Stam &De Koning for the pleasant cooperation to the realization of the completed work and its advisors RPS and PVM for their expertise during construction.

Orange Investment Managers is a leading specialist investment manager with a focus on operational real estate and invests throughout Europe. Orange IM currently manages real estate in 6 countries

At the end of December, Orange Investment Managers, based in Amsterdam, purchased an asset in Dordrecht for one of its managed funds. The asset consists of a standalone public MSCP with approximately 400 parking spaces which has been leased to Q-Park. The investment volume is approximately € 13 mln.

“Dordrecht is a good city for the diversification of our portfolio. We are therefore very pleased to have been able to acquire this asset from our network”, says investment manager Frenky Prins. “Despite these unprecedented times, we still see good opportunities to invest in mobility in the right places in Europe, with our funds we have a long term horizon. On our website (red: www.orangeim.nl) you can find our investment criteria”.

Orange Investment Managers is a leading specialist investment manager with a focus on parking real estate and invests throughout Europe. Currently, Orange IM manages parking garages in 6 countries (the Netherlands, England, Ireland, Germany, Italy and Denmark).

BMB ontwikkeling (part of VolkerWessels) and Reggeborgh Vastgoed have recently concluded an agreement with Orange Investment Manager for the sale of the public parking garage within project BinnenDok at the NDSM wharf in Amsterdam. The asset was bought for one of its managed fund Catella Parken Europe.

The building comprises a parking facility with 525 public parking spaces, commercial premises forming the facade on the ground floor and a roof garden for residents and neighbours. The building forms part of the ‘BinnenDok’ project, which, besides the parking garage, comprises two residential buildings with 107 apartments, an office building and commercial facilities at street level. The construction of the BinnenDok project is expected to begin in the first quarter of 2021 and completion of the project is expected in 2023. Project BinnenDok was designed by Heren 5 architects from Amsterdam.

New urban district NDSM

Project BinnenDok is being developed in the heart of the NDSM-wharf, the new urban district on the north bank of the IJ-river, where the biggest and most modern shipyard in the world once stood. The transformation of this area started more than 15 years ago. The total program will be expanded over the coming years to include some 5,000 rental and owner-occupied homes, parking facilities, leisure functions, commercial premises, (small)offices and shops. Following the completion of over 300 social housing units and a health center earlier this year, BMB ontwikkeling and Reggeborgh Vastgoed will shortly deliver the Pontkade project. This project comprises 250 rental and owner-occupied homes with an Albert Heijn supermarket and a variety of hospitality establishments on the ground floor.

Frenky Prins @ Parking Network

Frenky Prins @ Parking Network

Five years ago, we started with a few but now we are many, not only in numbers but also in talents and creativity.

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Congratulations dears for all your efforts and accomplishments, happy anniversary!

At the end of March, Amsterdam-based Orange Investment Managers bought its second asset in Copenhagen for one of its managed funds. The asset consists of a car park with retail (mainly supermarket), located on the Vesterbrogade at the edge of the centre of Copenhagen. The total investment volume is approximately € 32 million.

“Copenhagen is a good city with an attractive parking market and an excellent infractucture. We are therefore very pleased to have been able to acquire this asset from our network”, says managing director Jouke Schneider. “Despite these unprecedented times, we still see good opportunities to invest in mobility in the right places in Europe, with our funds we have a long term horizon. On our website (red: www.orangeim.nl) you can find our investment criteria”.

Orange Investment Managers is a leading specialist investment manager with a focus on parking real estate and invests throughout Europe. Currently, Orange IM manages parking garages in 6 countries (the Netherlands, England, Ireland, Germany, Italy and Denmark).