Saba & Macquarie Compete For Spanish Car Parking Operator Empark
24 July 2017 – Reuters
Saba Aparcamientos and Macquarie have both submitted final offers for Spain’s Empark, valuing the car park operator at 900 million to 1.2 billion euros, sources close to the deal said.
Portuguese real estate group Silva & Silva is selling the 79% stake it owns in Empark, which operates 530,000 parking spaces is Spain, Portugal, Britain and Turkey, through holding companies Assip and Parkinvest.
Minority shareholder Haitong and Transport Infrastructure Investment Company (TIIC) could sell its 21% stake if satisfied with the price on offer, one source said.
But the minority shareholders have pre-emption rights and have agreed to sell these to Deutsche Asset Management if the offers are too low, the source added.
Saba, Macquarie and Deutsche Bank all declined to comment.
Last year, Empark recorded revenues of 201.3 million euros ($234 million) and earnings before interest, tax, depreciation and amortisation (EBITDA) of 71.4 million.
The company is funded with 385 million of corporate bonds maturing in 2019, including a 235 million fixed-rate tranche paying 6.75% and a 150 million floating-rate tranche paying 5.5% over three-month Euribor.
It also has 80.8 million euros of non-recourse debt across various project loans to finance 11 car parks that are not fully owned by Empark, where it holds stakes of 50% or more.
The company says its net debt amounts to 6.4 times its adjusted EBITDA.
JP Morgan and Caixa BI are advising the sellers.
Original story: Reuters
Translation: Carmel Drake