Orange IM acquires new development project in Amsterdam27 October 2020
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
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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).
In the second half of 2019, Amsterdam-based Orange Investment Managers acquired 3 parking garages for its various managed funds in Heerlen, Utrecht and Eindhoven. The total investment volume amounts to approximately € 70 million. The parking garage in Eindhoven is still in the construction phase and will be completed after the summer.
“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”, says 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. Our investment criteria can be found on our new website (ed: www.orangeim.nl).
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).
Orange Investment Managers, specialist investment manager with a focus on parking real estate, expands its team with Frenky Prins (investment manager) as of the first of January.
Frenky Prins, has gained his experience in the parking and real estate sector at TMC, Scheidt&Bachmann and Ballast Nedam over the past 10 years. Frenky will focus on the purchase of parking real estate in Europe for the various parking funds to achieve the intended fund (growth) objectives.
“Growth of our portfolio and the high-quality investment of our investors’ commitments require focus, knowledge and network, especially in a niche market such as parking garages. With the arrival of Frenky, we will be even better able to achieve our (medium) long-term objectives,” says director Jouke Schneider.
Orange Investment Managers currently manages an international portfolio of parking garages in 6 European countries from its offices in Amsterdam and Düsseldorf. The arrival of Frenky underlines the growth ambition of her portfolio.
ARC Real Estate Partners has sold the De Boreel parking garage in Deventer to one of the parking funds managed by Orange Investment Managers. The parking garage is part of the shopping center “De Boreel” and has 642 places. The shopping center with the higher-level houses is located at the entrance of the old city center of Deventer. De Boreel shopping center has a retail area of 34,000 m2 and has a mix of retail and leisure. Q-Park still has a long-term contract for the operation of the parking garage.
Michiel Gerritsen: “We are very happy with this purchase. De Boreel fits well in our portfolio. Now that we have added this garage to the portfolio, we can focus on further growth of the portfolio. We have an ambitious growth target for the Netherlands and the rest of Europe. “
The parking garage is included in a real estate fund parking garage that invests in public parking garages in the Netherlands. De Boreel is the third purchase of this fund.
CMS Derks Star Busmann and RPS consultancy and engineering firm acted as advisers on behalf of the buyers. Loyens & Loeff acted on behalf of the seller.
Together with its partner Catella Real Estate, Orange has acquired a car park with 720 parking spaces and a supermarket in Cork for the open-ended real estate special AIF, Catella Parken Europa. The property is leased to one of the leading car park operators in Ireland NCPS on a long-term basis.
The Merchant Quays multi storey car park in Cork is located at one of the anchors of the city center in Cork, the Merchant Quays shopping center, on the edge of the city centre. Cork is the second city in Ireland with a strong outlook.
“We are proud to announce this acquisition. The car park has a strong track record with stable income, it serves the Merchant Quays shopping center, inner-city retail, the nearby leisure and night life, offices, hotels. Besides this acquisition we expect to add more interesting investments to our clients portfolios on the short term which will increase diversification for the different funds even further. We want to build a broadly diversified portfolio of lucrative parking garages all over Europe for our investors, with a balanced risk-reward profile,” says Michiel Gerritsen, director at Orange Investment Managers.
Launched one year ago, the Catella Parken Europa fund invests in predominantly city center car parks in the core countries of Europe and expects to grow to EUR 250 million 2018.