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ACCIONA sells off its car parks portfolio for 190 million euros

05/23/2011

ACCIONA divests in 17,147 parking spaces in 30 car parks in Spain, Andorra and Brazil.

The investment fund EQT Infrastructure acquires the assets in Spain and Andorra, for 180 million euros.

Operations in Brazil have been acquired by Horapark Sistema de Estacionamiento Rotativo Ltda., for 10 million euros

ACCIONA plans to develop opportunities in parking concessions.

ACCIONA divests in 17,147 parking spaces in 30 car parks in Spain, Andorra and Brazil.

The investment fund EQT Infrastructure acquires the assets in Spain and Andorra, for 180 million euros.

Operations in Brazil have been acquired by Horapark Sistema de Estacionamiento Rotativo Ltda., for 10 million euros

ACCIONA plans to develop opportunities in parking concessions.

ACCIONA has sold-off its portfolio of current operative car park concessions, comprising 17,147 parking spaces spread across Spain, Andorra and Brazil, for a total 190 million euros. The divestment took place in two separate operations: the EQT investment fund purchased the assets in Spain and Andorra, while the Brazilian company Horapark acquired the assets in Brazil.

EQT Infrastructure has acquired the entire concessions portfolio in Spain and Andorra, integrated mainly in ACCIONA Car Parks, for a total 180 million euros, including 40 million euros' worth of net financial debt, working capital and outstanding investment worth 2 million euros, and a 5 million euro payment subject to results. The operation, subject to prior authorization by the Spanish competition watchdog, Comisión Nacional de la Competencia, is expected to be completed next July.

The Brazilian company Horapark Sistema de Estacionamiento Rotativo Ltda paid 10 million euros (free from debt) for ACCIONA's 60% stake in Estacionamientos Cinelandia SA, which owns a car park in Rio de Janeiro.

ACCIONA's current car parks portfolio has grown mainly organically and comprises 30 car parks, with a total 17,147 spaces in Spain (25 car parks in 17 provinces), Andorra (4 car parks) and Brazil (1 car park). The initial average concessions periods are 50 years in Spain and Andorra with an average 31 years remaining; and in Brazil, 35 years and an average 27 years remaining.

Car park business, mainly integrated in ACCIONA Car Parks, contributed 23 million euros in revenues and 12 million in EBITDA to Group results in 2010, raising the divestment ratio to 16 times EBITDA.

This operation is part of ACCIONA's corporate strategy of rotation of mature assets, aimed at maximizing growth potential and the profitability of invested capital. In this respect, the Company will continue to develop business opportunities organically in the car parks concession sector not only in Spain but also in other countries, guided by the same management team that led the newly divested car parks portfolio.

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