Primevest Capital Partners Acquires Multistory Car Park in Sheffield for Approx. €11 Million

Pan-European Investment manager Primevest Capital Partners (Primevest CP) announces the acquisition of The Moor Car Park in Sheffield on behalf of its Primevest European Parking Fund IV for approx. €11 million. The car park of 670 parking spaces is located in the city center. Primevest is further diversifying its portfolio, which now comprises 12 car parks in the United Kingdom. Its total pan-European portfolio of car parks has now grown beyond €1.3 billion.

The multistory car park of ‘The Moor’ is located on Eyre Street in Sheffield’s city center area known as The Moor – the city’s prime retail, leisure, and business pitch. This area comprises the prime retail high street within the city center, attracting footfall in excess of 13 million people per year. The car park was completed in 2008 and consists of a ground floor and 9 split levels, to accommodate 670 parking spaces including facilities for the disabled. In addition to being a great location as a car park, it is well-suited for mobility hub functions, such as last-mile logistics services, locker boxes for parcel pick-up, and electric vehicle charging stations. The Moor car park has been let to APCOA Parking (UK) Ltd on a long-term lease agreement.

The vendor was NewRiver REIT’s joint venture with BRAVO Strategies III LLC, who continue to own The Moor’s wider retail estate. Knight Frank’s specialist Automotive team advised the vendor. The legal due diligence was performed by DWF (UK), Reius and L&W (Germany), tax by Deloitte, and the technical due diligence was performed by RPS.

Bas Magielse, Fund Manager at Primevest Capital Partners said: “This parking garage is a great addition to our portfolio as this is an excellent car park which is also well-suited for mobility hub functions which will be optimized going forward. Together with our tenant APCOA, we are able to anticipate the most substantial trends influencing the market for car parks and mobility. We are open to more investments like this and have recently also started the fundraising for our Primevest European Parking Fund V to continue with our successful investments anticipating changes in urban mobility.”

Kim Challis, APCOA’s regional MD for UK & Ireland, said:“APCOA are delighted that Primevest Capital Partners have completed their purchase of the Eyre Street MSCP in Sheffield, which APCOA will continue to manage. APCOA’s ongoing investment into the car park and our new technologies ensure that our customers enjoy a first-class service and experience, and we are excited about the opportunities for mobility hub services at this location for customers and the local community.

"Primevest Capital Partners’ purchase of the Eyre Street MSCP further extends and strengthens the Primevest-APCOA relationship which now includes parking facilities in Belfast, London, and Sheffield, with further opportunities continually being explored by both businesses.”

Sheffield is a city and metropolitan region in South Yorkshire, England. It is England’s fourth-largest city, with a population of over 569,000, two universities and over 60,000 students, and an economy worth over £12 billion. Sheffield is home to a growing collective of creative businesses and is rapidly developing a reputation for innovation and quality with specialist clusters forming sector-specific hubs in the city. Amongst others, Boeing and McLaren have made major investments in the city. The economy has experienced steady growth, averaging around 5% annually. 

About Primevest Capital Partners

Primevest Capital Partners is a pan-European investment boutique that specializes in investments in innovative real assets. At Primevest Capital Partners, our vision is to help our clients to provide for their sustainable financial future by investing in the future of our cities in realizing sustainable urban living, improving connectivity, and enabling mobility. Our investment philosophy and vision are energized by the current trend of urbanization and the ability to fulfill the needs of modern metropolitan communities while enhancing the quality and sustainability of people’s lives.

From our offices in Utrecht, Eindhoven, and Berlin, a team of 70 professionals manage €3 billion in assets including sector-focused funds, individual institutional mandates, and a number of funds targeting private investors as well as family offices following the acquisition of the Holland Immo Group. Primevest Capital Partners is part of Primevest Capital Partners Holding B.V.