The Mirova Core Infrastructure Fund (MCIF) has taken an 85% stake in a French parking concession vehicle.

The Natixis Asset Management subsidiary said its €700m brownfield fund had completed the purchase of the majority stake.

The fund invests in regulated infrastructures in Continental Europe.

Four parking concessions in Bordeaux, Marseille, Asnières and Versailles were sold by operating company, Urbis Park, owned by Foncière des Régions (59.5%) and Predica (40.5%).

Mounir Corm, Mirova’s deputy head of general infrastructure and fund principal, said the assets offered “robust long-term revenues thanks to the strength of economic and demographic factors of the areas they operate in”.

He added: “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.”

The 4,478 off-street and 2,030 on-street parking spaces are considered mature brownfield projects.

Transdev Group, a subsidiary of Caisse des Dépots, has also closed the acquisition of Urbis Park Services, the operating company of Urbis Park Group, through its subsidiary, Transdev Stationnement.

The four assets, which will record an EBITDA of around €8.7m for 2016, have been cash-pooled under a holding company Urbis Park Infrastructures, and refinanced through €102m of project finance long-term debt.

Mirova and Transdev Stationnement have also agreed a long-term partnership to team up on further projects.