$250 M invested in Philippine parking startup Parkwise by PATRIZIA-Mitsui JV
On behalf of the APAC Sustainable Infrastructure Fund (A-SIF), PATRIZIA and Mitsui, through their joint venture fund management company, are investing up to $250 million in parking startup Parkwise Inc. to promote sustainable growth in the Philippines.
According to a statement released by PATRIZIA on Tuesday, A-SIF plans to invest up to $250 million in Parkwise through fund and co-investments in order to support the completion of a pipeline of projects.
A new company called Parkwise is creating contemporary parking structures that are situated in major cities across the nation in areas related to healthcare, education, and transportation.
In order to help meet the growing demand for parking brought on by population growth and rising private vehicle ownership, including EVs, the facilities will aim to include EV charging stations and integrated rooftop solar.
In collaboration with local market sector leaders in the parking industry, who currently oversee over 80 facilities, the new company was established.
In order to meet the growing demand for effective and sustainable urban mobility solutions, Parkwise will design, build, and run the facilities, which will be co-located at social precincts such as hospitals, universities, and airports.
In addition to supporting the growth of the co-located social infrastructure, Parkwise will offer cutting-edge parking infrastructure that satisfies the changing demands of contemporary urban environments, with a strong emphasis on innovation and the customer experience.
“We are excited to introduce Parkwise to the Philippine market, as the adoption of climate-friendly mobility solutions is a critical element of the low-carbon transition to meet net zero goals,” said Saji Anantakrishnan, Head of Infrastructure for Australia and Asia at PATRIZIA.
“Our partnership model ensures that we bring unparalleled expertise and experience to this venture,
“Together, we are committed to enhancing mobility and co-located social infrastructure, supporting the Philippines’ rapid growth in a sustainable manner,” he added.
One of the most congested cities in the world in terms of traffic is Manila, the capital of the Philippines. The country’s other major cities are also impacted by this and hindered by a lack of parking.
Parkwise will therefore assist in mitigating this issue by offering off-street parking, and the business will strategically co-locate with social precincts where parking demand is high.
The company intends to increase its presence in important urban areas and will also adopt strategies that support the Sustainable Development Goals of the UN, including industrialization and inclusive, sustainable economic growth.
“Our vision is to create a network of high-quality parking facilities that not only meet current demands but also anticipate future needs,
“We believe that our integrated approach will significantly contribute to the growth of sustainable mobility in the Philippines,” said Alf Wilson, Director at Parkwise.
