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GED recoups €20m from Empark divestment

The firm’s holding in the parking lot developer originated from the 2009 acquisition of a subsidiary owned by Cintra.

Spanish investment firm GED Infrastructure recouped €20.5 million from divesting its stake in a European parking lot construction company.

 

GED, the infrastructure unit of GED Capital, sold its 8.27 percent stake in Empark Aparcamientos to existing shareholders in the company. The investor said this was its second infrastructure divestment in the previous year, selling last April its 30 percent stake in Spanish transit company Metro Light West to UK-based Aberdeen Asset Management.

 

“The success of the divestment of Empark Aparcamientos is an example of the capacity of the GED Infrastructure team to generate long-term value and of the infrastructure sector's virtues, which is capable of producing attractive returns even when the market conditions are unfavorable,” GED managing partner Victoriano López-Pinto said.

 

The company said it has been investing from a €169 million fund and will start a new round of fundraising soon.

 

GED acquired its interest in Embark in 2009 when it acquired, along with financial partners, a subsidiary of transportation developer Cintra that focuses on parking lot construction. That business was later merged with another construction firm, Emparque.

 

Its infrastructure business did not fully launch until 2015, when GED Capital acquired the infrastructure fund management business of Barcelona-based Ahorro Corporación. GED Capital bought five investment vehicles with assets under management of about €370 million.