Colombian manager Tribeca Asset Management has confirmed its exit from Urbania Management, the company holding a 50 percent stake in City Parking SAS to Infra Park subsidiary Indigo Infra.
The transaction yielded a gross IRR of 21.4 percent, according to Tribeca, GP for the Colombian private equity fund Tribeca Terminal de Carga El Dorado. It originally invested in Urbania in the third quarter of 2012 and in the interim, the company reported facilities growth of 75 percent and revenue increase of 113 percent.
“This is our first exit this year, thus accumulating a total of $425 million returned to our investors since 2007. The companies we have exited from yielded a 2x invested capital gross multiple,” said Tribeca founding chief executive Luc Gerard. “On aggregate, we still manage seven assets valued at $337 million as of December 2015.”
City Parking is a leading operator in Colombia and Panama with 720 employees. The company holds assets in six Colombian cities comprising 110 parking facilities with over 200,000 parking spaces serving more than 10 million customers per year.
Infra Park is indirectly held by investment funds managed by Ardian (roughly 37 percent), Credit Agricole Assurances (circa 37 percent), Vinci concessions (roughly 25 percent) and the remainder by management.