IPark Applies for the Car Park Management Contract at the Adif and Adif Alta Velocidad Stations

The leading companies in the parking management sector, including IPark, have submitted their offers for the tender to manage the parking lots of 55 passenger stations belonging to Adif and Adif Alta Velocidad.

This contract has an initial term of ten years but can be extended for a further five years. It has an estimated value of 246.3 million euros, with annual billings expected for the successful tenderer exceeding 40 million euros. This makes it one of the largest car park management contracts in Spain.

Saba, controlled by Criteria, the industrial arm of La Caixa, has been the main operator of these car parks since 2013. But it now faces strong competition for the renewal of the contract from several of the largest players in the sector in Spain, including IPark.

The offers were submitted on 23 February for a contract that covers a total of 55 passenger stations, with a total of more than 22,000 parking spaces. Six new stations are also expected to be added in the future, including Zamora, Cáceres, Plasencia, Figueres, Huelva and Virgen del Rocío (Seville). During the term of the contract, parking spaces currently planned or under construction could also be added.

The company selected for this service must carry out an investment plan with a minimum value of 36.3 million euros, half of which must be invested in the first 18 months of the contract. In addition, the successful tenderer will pay 35 million euros – no tenders above this amount being admissible – as an initial fee upon signing the contract.

The contract is based on the management and maintenance of the parking lots, and the successful tenderer will also be responsible for the control, collection and cleaning of the spaces and facilities.

The rental model established in the tender implies a participation by Adif and Adif Alta Velocidad in the business results, ensuring a balance in the distribution of income between the lessor and the lessee. The fixed income for the successful tenderer is estimated at 42.3 million euros throughout the life of the contract, with an additional payment in the event of an extension.

The selected company must also pay a variable income, equivalent to a minimum percentage of 25% of its income in the first year – no tenders above this amount being admissible – with a gradual annual increase. In total, it is estimated that the minimum guaranteed income during the ten years of the contract will amount to 106.5 million euros, with an increase in the event of an extension.