Indigo, a world leader in parking and individual mobility has reached an agreement to acquire a portfolio of 10 car-park concessions and long-term leasing contracts from COVIVIO, a leading Euronext-listed French REIT focusing on office, residential and hotels in France, Germany and Italy. Simultaneously, Indigo is also acquiring the off-street parking activities of Transdev Group, Transdev Park. The transaction remains subject to customary closing conditions and is expected to be finalized by end-2021 / beginning-2022.
The portfolio of 10 car-parks generated 20 million euros in revenues in 2019 and has an average residual duration of 23 years[1]. COVIVIO’s concessions and long-term leasing contracts are operated by Transdev Park.
In addition to the transaction, COVIVIO and Indigo have signed an industrial agreement to study potential partnerships concerning some car-parks located in buildings owned by COVIVIO in France, and to develop light-mobility solutions by INDIGO®weel.
CASE Corporate Finance acted as sole financial advisor to COVIVIO on the transaction. CASE Corporate Finance had already acted as sole financial advisor to COVIVIO (formerly Foncière des Régions) in 2016 on the simultaneous disposals of Urbis Park Services to Transdev Group and of 4 ConcessionCos to Mirova Core Infrastructure Fund.