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Mirova, a wholly owned subsidiary of Natixis Asset Management dedicated to responsible investment, is
pleased to announce that its EUR 700M fund dedicated to brownfield regulated infrastructures in
Continental Europe, MCIF, has completed the purchase of a majority stake in French parking concessions
on December 20, 2016. The transaction consists of the acquisition of four parking concessions with local
municipalities in Bordeaux, Marseille, Asnières and Versailles, from a mid-size operating company, Urbis
Park owned by Foncière des Régions (59.5%) and Predica (40.5%). These car parks are mature brownfield
projects with proven track record and a strong market position, especially in Bordeaux city center.
The four assets, which will record an EBITDA of around EUR 8.7M in 2016, have been cash-pooled under a
holding company Urbis Park Infrastructures, and refinanced through a EUR 102M project finance longterm
debt (split into 2 tranches: one refinancing debt and one acquisition debt). The equity and senior
debt closing occurred on the same day. The shareholding structure of Urbis Park Infrastructures is divided
as follows: MCIF (85%), Transdev Stationnement (10%), Caisse d’Epargne CEPAC (3%) and Caisse
d’Epargne Aquitaine Poitou-Charentes (2%).
The senior debt was arranged by the leading bank of the Mediterranean Arc and overseas, Caisse
d’Epargne CEPAC, and provided by the latter, Caisse d’Epargne Aquitaine Poitou-Charentes and three
other financial institutions.
Alongside this transaction, Transdev Group, subsidiary of Caisse des Dépots and a world leader in
mobility, closed the acquisition of Urbis Park Services, the operating company of Urbis Park Group,
through its subsidiary Transdev Stationnement. Urbis Park Services will keep serving as operator of the
four parking concessions. Also, Mirova and Transdev Stationnement signed a long-term business
partnership to team up on further projects.
Mounir Corm, Mirova’s Deputy Head of General Infrastructure and Fund Principal, commented: “Urbis
Park Infrastructures represents an excellent investment opportunity for our investors. The underlying
assets offer robust long-term revenues thanks to the strength of economic and demographic factors of the
areas they operate in. There is also potential for tremendous benefits for the local municipalities and
communities in urban mobility developments, and we are excited to help make that happen. Also, we look
forward to developing our partnership with Transdev Stationnement on further transactions”.
“We are very pleased to be able to make an interesting investment in these strategic assets with a long
operating history and good prospects for long-term income,” said Romain Uthurriague, Senior Investment
Manager at Mirova and in charge of this transaction. “Thanks to the financial engineering and legal
structuring we put into that transaction we have developed an AssetCo-OpCo model[[AssetCo-OpCo model: Funding is provided by the “Asset Company”, majority held by MCIF. The operating
side is undertaken by Transdev Stationnement via an “Operating Company.”]]
that fits perfectly
with our core infrastructure strategy.”
Mirova was advised by Bird & Bird (Legal), KPMG (financial and due diligence), Fidal (Tax), Gras Savoye
(Insurance), and Currie & Brown (technical) and Sareco (traffic). Herbert Smith Freehills acted as legal
adviser for the arranger and lenders.
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