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Mirova parks up in France with Urbis buy

The Paris-based firm’s Core Infrastructure Fund has secured €102m to refinance four parking concessions as part of a deal to buy the assets.

The €700 million Mirova Core Infrastructure Fund has acquired 85 percent of four car parking concessions in France from operator Urbis Park.

The equity fund managed by Mirova, a Natixis Asset Management subsidiary, bought the company’s operations in Bordeaux, Marseille, Asnières and Versailles and said the brownfield projects are set to record a 2016 EBITDA of €8.7 million.

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

The projects consist of nearly 4,478 off-street and 2,030 on-street parking spaces. Urbis Park, the seller, is backed by real estate investment firm Foncière des Régions and insurance group Predica, a Crédit Agricole Assurances subsidiary.

The deal also saw Mirova secure a €102 million two-tranche refinancing of the four concessions, including both the refinancing and acquisition debt. The debt was provided by French banking groups Caisse d’Epargne CEPAC and Caisse d’Epargne Aquitaine Poitou-Charentes alongside three other unnamed financial institutions.

Mirova’s Core Infrastructure Fund reached a €700 million close in July last year after beating its €500 million first-close target in September 2015 by raising €600 million. The fund, which has a target IRR of above 8 percent, has concluded about 20 deals, only two of which have been outside France.