Macquarie Asset Management’s latest European infrastructure fund has acquired a minority stake in Best in Parking, a developer of car parking sites and garages.

The Macquarie European Infrastructure Fund 7 fund has agreed to invest an undisclosed sum to buy the “significant minority stake” to become a shareholder alongside Breiteneder Immobilien Parking, which will retain a majority stake in Best in Parking.

Headquartered in Vienna, Best in Parking has a presence across Austria, Italy, Croatia, Switzerland, Slovakia, Slovenia and other markets in the Balkan region. The company operates approximately 87,000 parking spaces across 198 locations in 40 cities.

Macquarie said it intends to support Best in Parking to scale its electric vehicle (EV) charging access points, from the current 470 to 1,000 by 2025.

Gordon Parsons, a senior managing director at Macquarie Asset Management, said: “Best in Parking’s diverse portfolio in prime locations across the region, digital applications, and impressive ambitions in EV charging make it well positioned to drive this change.

“We are delighted to enter into this new partnership with Best in Parking as the company continues to adapt to the evolving needs of the communities it serves.”

Johann Breiteneder, CEO at Best in Parking, said: “Over the past two decades, our business has undergone tremendous growth as we explored and executed on expansion opportunities in existing and new markets – in parking, traffic and smart city technology solutions – to improve quality of life in urban areas, in particular.

“As we move to the next phase of our journey, Macquarie’s investment combined with its expertise in infrastructure and e-mobility will bring significant added value.”

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