Mega car park deal goes through

Mega car park deal goes throughCriteria Caixa has increased its stake in car park giant Saba Infraestructuras to 99 per cent after agreeing a deal to buy an extra 49 per cent of the company to add to its existing holding.

Founded in 1966, Saba Infraestructuras has a staff of more than 1,500 people and is active in five countries in Europe and Latin America. Altogether, it has 210,000 actual car parking spaces spread across 400 car parks.

Criteria acquired this new share of Saba from Torreal, KKR and ProA for a total of 438 million euros, a deal which has been approved by the competition authorities in Spain and Portugal.

With its new stake in Saba Infraestructuras, Criteria aims to actively manage the investments of a portfolio of investors with assets worth more than 21,000 billion euros.

Taking its toll

Before an agreement was finally reached, negotiations went on for months but Criteria knows what it is getting into. It has been a shareholder of Saba Infraestructuras since 2011, starting when it broke off from Albertis Infraestructuras to concentrate on the parking and logistics business.

Abertis’ main business is the management of toll roads and it has over 8,600 kilometers of them on its books across Europe, Latin America and Asia.

Currently, more than 70 per cent of its revenue comes from outside Spain with a lot of focus on France, Brazil and Chile.

Leap of faith

Since Saba’s breakaway from Abertis, Criteria has continued to support the company and continues to have faith in its future growth.

Saba had a good year in 2016 when its net profit was 32.3 million euros, much of this due to capital gains generated by the sale of its vision of logistics parks. It then increased its revenue in 2017 to 213 million euros.

The company describes itself as a benchmark industrial operator specializing in car park management and says it focuses on excellent locations for its operations.

For more information, please contact corporate law firm Argali Abogados

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