Operating with relevant impact – Parking facilities and transport
Sector: Urban Mobility – Parking
Sponsor: Arpinge (100%)
On 12 December 2016, Arpinge S.p.A. acquired the full control of Gespar S.p.A., which owns a wide portfolio of parking facilities in the city centre of Parma, under concession granted by the City Council. The facilities consist of around 1,800 short-term parking spaces and a large number of parking boxes.
The counterparties in the deal were the four primary local construction companies: Impresa Pizzarotti & C. S.p.A., Bonatti S.p.A., Buia Nereo S.r.l. and Allodi S.r.l.
This operation marks the entry of Arpinge as an investor in the “smart city” sector, aiming to leverage the opportunities coming from the radical innovations in urban mobility, which, thanks also to the deployment of new technologies based on the Internet of things (IoT), are destined to enhance sustainability and the smart use of public spaces. Parking facilities – and urban mobility in general – take part to an asset class which is expected to become relevant in Arpinge’s asset allocation portfolio, also In consideration of other similar investment opportunities currently in Arpinge’s pipeline.
Gespar S.p.A. manages, under concession with an average remaining life of around 20 years, six parking facilities, all located on the borders of the restricted traffic zone in the historical centre of Parma or close to important attraction zones (hospital and university). Gespar S.p.A. assigned the direct operational management of the facilities to the leading parking service company APCOA.
Arpinge’s investment plan envisages that, under the right circumstances and with the consent of Parma City Council, Gespar will invest in the modernisation and expansion of the parking facilities, as well as in the development of new services to enhance the life quality of local residents.
The demand for parking in Parma has increased over the last 10 years, as, in spite of improvements to public transport system, the positive demographic balance is sustaining urban mobility needs. Off-street parking is also consistent with the City Council’s General Traffic and Urban Mobility Plan, which, with a view to framing a transport model that is both innovative and sustainable, aims to improve traffic flows and road safety, reduce the pollution caused by vehicles, recover urban spaces, and contain transport costs.
For the purposes of the transaction, Arpinge has been assisted by Legance Avvocati Associati (legal services), by Foglia Cisternino & Partners and LP Audit (accounting and tax advisory services), the technical due diligence service of Sistemia S.p.A., Systematica S.r.l (market due diligence service). The legal firm Genesys Alliance supported the sellers in the transaction.