3 December 2018 – Eje Prime
Firmum Capital is stepping on the accelerator to increase its portfolio of parking lots in Spain. The Spanish parking lot manager is on the verge of closing a €60 million capital increase to finance new purchases in the domestic market.
Through the financing round, the company will increase its investment capacity to almost €210 million, and will also open up its capital to new shareholders. The firm undertakes its investments through the company APK Gestión de Aparcamientos.
Firmum was created in 2016 by Cristian Abelló, Bernardino Díaz-Andreu and Fernando Pire, who have generated a portfolio comprising 64 parking lots distributed over a dozen Spanish autonomous regions, according to El Economista.
In total, Firmum owns 27,000 parking spaces in the market, which following the financing round, will be increased with more assets in Spain and Portugal. The current investors in the manager include Banco Sabadell, through Sabadell Asset Management, and Altamar Capital Partners.
Last year, the fund invested €80 million in the purchase of 39 assets, which added 15,676 parking spaces to its portfolio. That investment plan comes at a time when these types of alternative assets are booming.
This segment is attracting interest from many funds and institutional investors, who are willing to pay high prices for parking lots in the centre of provincial capitals, tempted by their long-term returns. In Europe, there are around 305 million public parking spaces and 53,650 private multi-storey parking lots, according to a report compiled by Catella.
Original story: Eje Prime
Translation: Carmel Drake