A pan-European bank consortium is providing international car park firm Q-Park with a new corporate financing of EUR 965 mln. The consortium is led by ING Real Estate Finance as co-ordinator.
A pan-European bank consortium is providing international car park firm Q-Park with a new corporate financing of EUR 965 mln. The consortium is led by ING Real Estate Finance as co-ordinator.
Dutch-owned Q-Park said the financing runs for three years and demonstrates the banks' confidence in the firm’s vision which was outlined in its 2010 -2012 business plan.
The lending consortium consists of ING, Rabobank, KBC, ABN AMRO/HBU II, Dexia bank, Banque Palatine, LCL and Handelsbanken. Q-Park said the corporate financing and the recent EUR 50 mln share issue means that ongoing activities as well as the acquisitions and capital expenditure plans fully funded.
Law firms Stibbe Advocaten and Allen & Overy provided legal advice in the financing deal.
Q-Park is one of the three leading providers of parking facilities in Europe and has an annual turnover in excess of EUR 600 mln. The portfolio of assets - whether wholly owned, managed or in a hybrid business model - comprises 800,000 parking spaces and office accommodation in the Netherlands, Germany, Belgium, the UK, France, Ireland, Denmark, Sweden, Norway and Finland.
