Q-Park, a private operator of parking facilities in Europe, refinanced a €300 million commercial mortgage-backed security (CMBS) transaction which was placed in the capital markets in 2007. Funding for the refinancing was provided by Pricoa Mortgage Capital Company and various funds managed by Insight Investment Management. Rabobank acted as sole bookrunner and mandated lead arranger.
Pricoa Mortgage Capital Company provided €240 million which was secured by more than a dozen parking facilities located in the Netherlands. Various funds managed by Insight Investment have provided £35 million, secured by multiple parking facilities located in Great Britain. Furthermore Q-Park redeemed €20 million. This is redemption together with the diversified funding sources underscores Q-park's ability to tap into debt capital markets and secure funds beyond its group of relationship banks.
Ward Vleugels, Chairman of the board at Q-park NV comments "We are very proud to have refinanced the €300 million CMBS, built 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 parking."