Macquarie European Infrastructure Fund 5 (MEIF5), which is managed by Macquarie Infrastructure and Real Assets (MIRA), announces that it has entered into binding agreements to acquire 100% of Empark Aparcamientos y Servicios S.A. - the leading carpark operator in the Iberian Peninsula.

MEIF5 will become the sole shareholder in Empark, which operates an Iberian focused, geographically diversified portfolio with three business units covering over 535,000 parking spaces and 180 municipalities in six countries. The majority of Empark’s operations are in Spain and Portugal, but it also has a limited presence in Andorra, France, Turkey and the United Kingdom.

Completion of the acquisition is expected in the fourth quarter of 2017.

Martin Stanley, Global Head of Macquarie Infrastructure and Real Assets said:

“Empark is a quality concession business in growing economies, benefiting from attractive inflation linked returns and strong cash flow visibility. We look forward to working with Empark and its management team, leveraging MIRA’s significant sector knowledge and growing presence in the Iberian region and exploring growth opportunities within the parking sector.”