Deals

Spanish insurer buys FCC’s parking business

Mutua Madrileña, a Spanish insurance company, has become one of the country’s largest underground parking lot operators after it acquired FCC’s underground parking business for €120m.

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Spanish insurer Mutua Madrileña has paid €120 million to acquire local construction firm FCC’s underground parking business, FCC said in a statement.

FCC’s portfolio comprises 31 underground parking lots spread throughout Spain – four of which are still in construction – totalling 10,500 parking spaces. The sale is part of the Spanish construction company’s strategy to divest mature assets, it said, noting that its overground parking business is not part of the deal.

With the acquisition, Mutua Madrileña becomes one of Spain’s largest operators of underground parking spaces, a market which is still very fragmented and offers ample opportunities for consolidation, FCC said in the statement.

FCC added the sale is also part of its strategy of geographical and asset diversification. The company currently derives 44 percent of its sales from its international activities with more than half of its earnings before interest, tax, depreciation and amortisation (EBITDA) coming from its renewable energy business, it stated.