EQT to sell Spanish car park business
Local newspapers in Spain announced in late December EQT Infrastructure Limited has plans to hire advisors to conduct the sale of a 66.8% stake in its car park business Parkia.
According to sources, the entire capital of Parkia has an estimated value of between €150 million (US$163.5 million) and €200 million (US$218 million). The remaining 33.2 % stake in the company is owned by Mutua Madrileña.
Parkia is a private car park operator in Spain and Andorra. The company operates over 55 off-street car parks with some 27,000 spaces in mostly prime locations and with exposure to different sectors. Car parks are operated mainly under concession agreements with local municipalities, with an average remaining lifetime of over 30 years.
In 0214, the firm had annual revenues of about €30 million (US$32.7 million) and an EBITDA of €12 million (US$13 million). Approximately 75% of the revenues are generated from short-term parkers.
Several firms could be interested in the deal, especially other competitors like such us Saba and Vinci Park, among others.
In Agust 2014, we reported that EQT Infrastructure and Spanish insurance company Mutua Madrileña merged their car park operators Parkia and MutuaPark, making Parkia the largest pure off-street car park operator in Spain and one of the leading private off-street car park operators in Spain.
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