- EQT Infrastructure and Mutua Madrileña have agreed to sell Spanish off-street car park operator Parkia to First State Investments
- Parkia is the leading pure off-street car park operator in Spain following the merger of the car park operators of EQT Infrastructure and Mutua Madrileña in 2014
- Under EQT Infrastructure’s ownership, Parkia has doubled in size and developed into an efficient and well regarded car park operator embracing new technologies and digitalization
EQT Infrastructure Limited (“EQT Infrastructure”) and Mutua Madrileña have signed a definite agreement to sell Parkia (”Parkia” or “the Company”) to First State European Diversified Infrastructure Fund (“First State Investments”). The agreement is subject to anti-trust approval and is expected to close during Q3 2016.
EQT Infrastructure acquired Parkia in 2011 in a carve-out from listed construction and infrastructure company Acciona S.A. and has since supported management in implementing operational excellence across its car park portfolio, commercializing its product offering and pursuing a dedicated M&A strategy. Since 2011 Parkia has doubled in size and has currently 58 car parks in Spain and Andorra. Following the merger in 2014, EQT Infrastructure owned 66.8% and Mutua Madrileña 33.2% of Parkia.
Today, Parkia is the leading pure off-street car park operator in Spain with the third largest portfolio of off-street car parks. The Company operates under long-term concession agreements with mainly municipalities and with an average remaining life of over 30 years. Parkia generated revenues of EUR 33 million in 2015 and employs approximately 140 people.
Matthias Fackler, Partner at EQT Partners, Investment Advisor to EQT Infrastructure, commented: “Parkia represented EQT’s first investment in Spain and is a great example of EQT’s value creation strategy. Under the leadership of a new management team and a complementary industrial board led by Fernando Conte we have transformed Parkia into the leading off-street car park operator in Spain. Parkia is set up well to continue the consolidation of the fragmented Spanish car park sector.”
Emilio Colomina, General Director of Mutua Inmobiliaria, assures that the divestment follows Mutua Madrileña’s strategy of active asset management, financial and real estate related: “At Mutua, we have a dynamic policy of investments and divestments in unlisted assets, as shown through the divestment of Parkia.”
Jesús López Hidalgo, CEO of Parkia, says: “It has been a fascinating experience being part of the team since the carve out and developing Parkia into an established and well regarded operator, recognized by our customers for our great value proposition across our car parks in Spain and Andorra. On behalf of the management team I would like to thank both shareholders and the Board of Directors for the valuable support over the years. We are looking forward to continuing this exciting journey with First State Investments, improving our customers’ experience with the adaption of new technologies and growing our platform further.”
Marcus Ayre, Partner, Infrastructure Investments at First State Investments said: “We are delighted to have reached an agreement to acquire Parkia. Parkia’s broadly diversified portfolio of high quality off-street car park concessions is an excellent fit with First State’s long term proactive infrastructure investment philosophy. We look forward to working with Parkia’s management and employees to continue to develop and grow the business.”
The parties have agreed to not disclose the transaction value.