Blog

CASE Corporate Finance acted as sole financial advisor to Urbis Park on the concomitant disposals of Urbis Park Services to Transdev Group and of 4 ConcessionCos to Mirova Core Infrastructure Fund (“MCIF”) for a combined enterprise value of c.EUR 115m

December 20, 2016

Urbis Park is one of the leading French car park operators with 70,000 spaces throughout France operated under concessions, lease and management contracts.

After having disposed in December 2014, some car park real estate assets to Dutch real estate investor Bouwfonds (already advised by CASE Corporate Finance), Urbis Park has further disposed the following car park assets:

  • Urbis Park Services (“UPS”) to Transdev Group acting through its subsidiary Transdev Stationnement: UPS is the company gathering all the resources of Urbis Park to operate all contracts owned by Urbis Park (concession contracts, lease contracts, management contracts). With 250 employees, UPS manages 70,000 spaces in approximately 40 cities in France. Transdev Group, who is already operating 60,000 car park spaces in France through Transdev Stationnement, has acquired 100% of the share capital of UPS with a view to combine both businesses into a leading car park operator on the French market with 130,000 spaces operated in more than 60 French cities.
  • 4 ConcessionCos to Urbis Park Infrastructures (“UPI”) a company controlled by MCIF: Urbis Park is disposing 4 SPVs holding long term concession contracts in Bordeaux (4 off-street car parks), Marseille (1 off-street car park of the Hôpital Nord de Marseille), Versailles (1 off street car park and 1 on-street car park) and Asnières-sur-Seine (1 off-street car park). MCIF is a EUR 700m Mirova-managed fund dedicated to regulated infrastructures in Continental Europe that are already operating (“brownfield”) with a buy-and-hold strategy throughout the fund’s 25-year lifespan.

As part of the overall transaction, the 4 ConcessionCos and UPS have entered into management contracts whereby UPS will continue to operate the car parks disposed to UPI until the end of the respective concession contracts. Furthermore, UPS and MCIF have signed a partnership agreement to jointly bid for capex-intensive concession contracts in France. Finally, Transdev Group has taken a 10% stake in UPI. Other UPI’s shareholders include the Caisse d’Epargne CEPAC, the Caisse d’Epargne Aquitaine Poitou-Charentes.

CASE Corporate Finance acted a sole financial adviser to Urbis Park for the two transactions and all ancillary agreements.