Catella Real Estate AG acquires with Orange Investment Managers a parking garage at Hamburg Airport for the special AIF "Catella Parken Europa."
Amsterdam, Feb. 1, 2023. Catella Real Estate AG (CREAG) together with Orange Investment Managers is acquiring the P11 Holiday Park Plus "Weg beim Jäger" parking garage with 1,178 spaces at Hamburg Airport for the AIF "Catella Parken Europa." The long-term tenant of the parking garage built in 2012 is Q-Park, one of the largest private parking providers in Europe. The seller is Parken & Immobilien Invest GmbH Hamburg.
Built with a main structure of steel and concrete elements, the "Weg beim Jäger" parking facility has a total of 1,178 parking spaces and an integrated waiting area for users of the airport shuttle service.
The property, built in 2012, is conveniently located at the intersection of "Weg beim Jäger" and "Obenhauptstraße" streets in Hamburg-Fuhlsbüttel. The main terminal of Hamburg Airport is only 1.2 kilometers from the "Weg beim Jäger" parking garage and can be reached by car or the airport shuttle service. With this shuttle service you can get to the terminal in about 5 minutes. Numerous offices and logistics companies and hotels are located in the adjacent industrial area. Within 300 meters of the parking garage alone are 5 hotels, including a Motel One, Ibis and Leonardo Inn Hotel.
The parking garage is leased to Q-Park until mid-2037, complemented by a renewal option of 3 times 5 years. Q-Park currently operates more than 800,000 parking spaces at around 5,800 locations in 10 European countries, making it the second largest private parking provider in Europe.
The seller of the property is "Parken & Immobilien Invest GmbH" in Hamburg, which is 100% owned by the Adler Group.
Catella Real Estate AG and Orange Investment Managers were advised on the acquisition by McDermott Will & Emery (legal due diligence), Reius Rechtsanwälte Partnershipchaft (regulatory due diligence), WTS Tax (tax due diligence), PVM (technical due diligence) and Brandel & Co. Immobilien (Broker).
"After purchasing two car parks in Paris and a car park in Milan in the second half of 2022, we are now expanding and diversifying the "Catella Parken Europa" portfolio even further with the current purchase of the car park at Hamburg Airport", says Axel Bertram, Portfolio Management Catella Parken Europe about the current purchase in Germany.
The location directly at Hamburg Airport is ideal. In addition to air passengers, who can reach the airport in no time via the airport shuttle service, the parking garage is also heavily frequented by visitors and employees from the neighboring industrial area.
Frenky Prins, Investment Manager bij Orange Investment Managers: "We zijn erg blij dat we onze investeringen in Duitsland in deze uitdagende tijden kunnen uitbreiden. Wij verwachten de komende periode de portefeuille van "Catella Parken Europa Fonds" verder te kunnen diversificeren en uit te breiden met zeer aantrekkelijke parkeergarage investeringen gelet op de huidige pipeline.”,
Frenky Prins, Investment Manager at Orange Investment Managers: "We are very pleased to be able to expand our investments in Germany in these challenging times. We expect to be able to further diversify and expand the portfolio of "Catella Parken Europa Fonds" in the coming period with very attractive parking garage investments given the current pipeline.”
We have been successfully cooperating in other assets with Q-Park, an established parking operator throughout Europe, for a long time. With this renowned tenant, we secure a stable cash flow for our investors who want to make an "infrastructure-related" investment with a balanced risk-return profile in the current economic situation.
About the fund "Catella Parks Europe"
The special open-end real estate fund "Catella Parken Europa" (AIF within the meaning of §§ 284, 230 et seq. KAGB) is a product of Catella Real Estate AG in collaboration with Orange Investment Managers. As a partner with experience in the “parking” asset class, Orange Investment Managers acts in an advisory role in acquisitions, portfolio and asset management, while Catella is responsible for further fund management, as well as fundraising, accounting and fund administration.
Launched in 2016, the fund invests exclusively in parking facilities in European cities with more than 40,000 inhabitants, a high centrality index and a sustainable demand for parking spaces. The investment concept is classified as "Core / Core+" (according to the INREV style classification). The fund is exclusively intended for institutional and semi-professional investors who want to invest EUR 5 million or more. By investing in European park assets, investors benefit from attractive distribution returns, value appreciation and diversification potential with a balanced risk-return ratio.