Garrigues and Pérez-Llorca instructed on €300m Parkia sale

Garrigues and Pérez-Llorca advised Spanish off-street car park operator Parkia on its sale to First State Investments.

First State Investments was advised by Herbert Smith Freehills on the transaction, which was valued at €300 million, according to Mergermarket.

The owners of Parkia, EQT Infrastructure and Mutua Madrileña, were advised by Allen & Overy on the deal.

The agreement is subject to antitrust approval and is expected to close during the third quarter of this year.

Parkia currently has 58 car parks in Spain and Andorra. EQT Infrastructure owned 66.8 per cent of Parkia, with the remaining 33.2 per cent owned by Mutua Madrileña.

Parkia generated revenues of €33 million in 2015 and employs approximately 140 people.