Founded in 2015, APK2 is one of the largest off-street car park operators in Southern Europe, currently operating 122 car parks located in 36 cities
The APK2 portfolio is highly diversified by the type of demand - encompassing hospitals, administrative centres as well as tourist areas - making it more resilient to economic downturns
Process
DC Advisory was appointed as exclusive financial adviser to APK2 for the refinancing of its existing debt facilities into a senior common terms platform financing
DC Advisory supported APK2 throughout the process and successfully delivered several detailed work streams, including overall process management, financial modelling, credit rating, debt structuring, and documentation negotiations
DC Advisory was able to position the credit as a long-term concession-based business with stable and diversified cash flows and downside protection, securing an investment-grade rating for the new financing
DC Advisory ran a competitive refinancing process with institutional investors and Bank lenders across Europe and the US
Outcome
In January 2025, APK2 completed a c. €400m debt raise, establishing a tailored financing platform to support its business model
The highly attractive refinancing package, provided by institutional private placement and bank lenders, included:
Long-term debt structure to leverage the high weighted average life of the portfolio
A capex facility to support APK2’s growth ambitions in Southern Europe
A common terms investment-grade platform, streamlining APK2’s debt structure and providing a flexible operational framework and the requisite financial flexibility to support future growth, such as M&A
The financing introduces institutional lenders in the capital structure, opening new pools of liquidity for APK2’s future needs
This transaction emphasises DC Advisory’s expertise in the parking sector and further strengthens the firm’s experience advising on complex refinancing transactions
