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EQT Infrastructure acquires Spanish car park operator

EQT Infrastructure has agreed to acquire leading Spanish car park operator Acciona Aparcamientos from Spanish infrastructure and renewable energy group Acciona S.A. The investment is the first for EQT Infrastructure in Spain.

Acciona Aparcamientos is a leading operator in the Spanish car park sector managing 29 car parks in Spain and Andorra. All car parks are operational and have a total of around 16,000 spaces. The portfolio is well spread geographically throughout mainland Spain, reaching also the Canary and Balearic islands. The expected revenues for 2011 amount to EUR 22 million.

The new Board of Directors of Acciona Aparcamientos will be chaired by Fernando Conte (pictured), currently Chairman of the Board of Orizonia and formerly President and Chairman of Iberia and Managing Director of ABB Spain.

“Acciona Aparcamientos has an interesting and strong position in the Spanish car park sector. I am looking forward to develop that position and grow the company together with the management and the rest of the Board,” says Conte.

The Board of Directors will also include Rafael Miranda, former CEO of the leading Spanish Utility Endesa and current Chairman of the Endesa Foundation. Both Fernando Conte and Rafael Miranda are members of the EQT network of Industrial Advisors.

EQT Infrastructure sees growth potential in Acciona Aparcamientos as the degree of motorisation continues to increase in Spain. The Spanish market for car parks is also highly fragmented which creates opportunities for add-on acquisitions and consolidation.

“In addition, there is room for greater efficiencies and improved utilisation of the car parks as well as ancillary services,” says Conte.

The transaction will be financed by a combination of equity and debt, and EQT Infrastructure will, together with the Board of Directors and management, own 100% of the equity interests in Acciona Aparcamientos.

The transaction is expected to close in July 2011 and is subject to antitrust approvals.

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