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Saba Aparcamientos Increases Capital By €120 Mn
6/10/2014 – Expansion
Saba reorganizes its structure with view to adding the municipal car parks in Barcelona and to ending refinancing of its indebtness estimated at between 450 and 500 million euros.
At the latest shareholders’ meeting. it has been agreed that on October 23rd the equity of Saba Aparcamientos (Parkings, translator’s note), which is an affiliate of the Saba infrastructure group, will be increased by €119.7 million in total. Approximately half of it, €58.15 million, proceeds from the sale of logistics hubs to Prologis, a transaction that took place in August. The amount will be intended for paying management fees of €232 million to the City Hall of Barcelona which will administer the 26 car parks over the upcoming 25 years.
The other part of the total, €61.5 million, will be raised through asset transfers. From now on, Saba Aparcamientos will exclusively manage all car parks of the group.
The debt restructuring concerns 180.000 parking spaces the group led by Josep Martínez Vila owns in Spain, Portugal, Italy, France and Andorra.
Original article: Expansión (by Artur Zanón)
Translation: AURA REE