Ferrovial, through Cintra Aparcamientos, has agreed to sell its car park subsidiary in Portugal to the Portuguese firm (Silva&Silva Group). The operation, which is pending approval from the Portuguese Directorate General of Restrictive Practices, forms part of a business strategy aimed at developing car parks in their initial stages and in creating value, through development, management or sale, according to market opportunities. On this occasion, the sales operation has generated capital gains of over 31%.
Cintra moved into the Portuguese market in 1998, through the acquisition of Estacionamientos de Lisboa, S.A. (ESLI), one of the leading local companies in the sector. ESLI manages a total of 2,384 spaces, distributed between five car parks in the capital.
Cintra, the leader in the domestic market with 136,000 parking spaces
Cintra Aparcamientos has consolidated its leading position in the domestic market and, in only 30 months, has increased the number of spaces managed from 83,000 to 136,000, in nearly 100 towns in Spain. Cintra
is the only company in the sector that is involved in all types of parking: rotational, for residents and public thoroughfares (ORA).
Ferrovial's parking business is starting a new stage of growth, in volume and profitability, through alliances and acquisitions in Spain and abroad; and a diversification policy, directed at parking management for private clients; airports, hospitals, shopping malls, etc. Indeed, Cintra Aparcamientos is the private company managing the largest number of airport car parks in Spain.
This growth strategy is completed with management contracts; running complementary businesses and moving into municipal companies: at the present time, Cintra Aparcamientos has a stake in Sociedad Municipal de Aparcamientos de Málaga (SMASSA) and Aparcamientos Urbanos de Sevilla (AUSSA).
Expansion in the parking business will continue to be directed at the Spanish market and at different countries in Europe and North America.