Munich-based investment manager Catella Real Estate has expanded its investment portfolio with the launch of Catella Parken Europa, an open-end real estate special AIF targeting parking investments.

The fund has an equity fundraising target of €200 million ($214 million) and will invest in parking garages in selected target markets across Europe. The fund will invest at least 70 percent of its equity in the core countries of Central Europe. In addition, up to 30 percent of the portfolio will be invested in other European countries, such as Portugal, the Czech Republic and Poland. The fund is designed exclusively for institutional and semi-professional investors, and the minimum investment is €5 million ($5.4 million).

“Parking as an asset class is still often underestimated, although car parks have a higher average initial rate of return than office or retail properties. The targeted size of the individual properties we are aiming for in the fund is €5 million