Q-Park, a private operator of parking facilities in Europe, has refinanced a €300 mln commercial mortgage-backed security (CMBS) transaction which was placed on the capital markets in 2007.
Q-Park, a private operator of parking facilities in Europe, has refinanced a €300 mln commercial mortgage-backed security (CMBS) transaction which was placed on the capital markets in 2007.
Funding for the refinancing was provided by mortgage finance business Pricoa Mortgage Capital Company and various funds managed by London-based Insight Investment Management.
Dutch lender Rabobank acted as sole bookrunner and mandated lead arranger.
Pricoa Mortgage Capital Company provided €240 mln which was secured by more than a dozen parking facilities located in the Netherlands.
Various funds managed by Insight Investment have provided £35 mln, secured by multiple parking facilities located in Great Britain. Furthermore Q-Park redeemed €20 mln.
'We are very proud to have refinanced the €300 mln CMBS and to be building up a relationship with Pricoa Mortgage Capital Company and continuing our relationship with Insight Investment Management, who was already a subscriber under the CMBS placed in 2007. This transaction implicitly confirms our leadership on quality in parking,' said Ward Vleugels, chairman of the board at Q-Park.
Law firm Stibbe advised Q-Park on the legal side, while Allen & Overy acted for Rabobank and Nauta Dutilh for Pricoa.
Q-Park is one of the leading providers of parking facilities in Europe, with a portfolio comprising over 5,800 parking facilities and 800,000 parking spaces in 10 North-West European countries.
