Bouwfonds European Real Estate Parking Fund has entered into a development agreement with Merepark and joint venture partner Ballymore to forward purchase the multi-storey car park which is part of the Central Village Liverpool development scheme.
The car park will include 459 spaces and is being operated by Q Park, which has agreed a 35 year lease on the building. The car park is due for completion in June 2011.
The car park will link the areas between Bold Street and Renshaw Street and will be located at the top end of Bold Street in Liverpool city centre.
The announcement comes shortly after Merepark concluded a £37.1m deal to forward fund construction work at the Lewis's department store in Liverpool with a syndicate of clients of Regent Capital. Work will start on the Q Park site and at the Lewis's store this summer.
Bouwfonds launched the Bouwfonds European Real Estate Parking Fund in 2005. Following the completion of this agreement, it will increase the total Bouwfonds fund value to approximately €250m, comprising 21 parking facilities located in Germany, France, Spain, Belgium, Netherlands and the UK.
Cheshire-based developer Merepark, on behalf of Central Regeneration Limited Partnership, retains asset management of 2,200 sq ft of commercial leisure/retail space below the multi storey car park. Savills and CB Richard Ellis are the letting agents on the scheme.
Danesborough Properties and Linklaters advised Bouwfonds, Savills and Montague Evans, and DLA advised Merepark and Ballymore.