- PATRIZIA and Mitsui, through their APAC Sustainable Infrastructure Fund (A-SIF), are investing up to $250 million in Parkwise to develop modern parking facilities in the Philippines.
- Parkwise will build and operate parking infrastructure at hospitals, universities, and transport hubs, integrating EV charging stations and rooftop solar to support sustainable urban mobility.
- With Manila among the world’s most congested cities, Parkwise aims to alleviate parking shortages while aligning with the UN Sustainable Development Goals, targeting key urban areas for expansion.
PRESS RELEASE — PATRIZIA, together with Mitsui via their joint venture fund management company, on behalf of the APAC Sustainable Infrastructure Fund (A-SIF), are supporting sustainable growth in the Philippines with their investment of up to USD 250 million into Parkwise Inc. (Parkwise).
Parkwise is a new business developing modern parking facilities co-located at healthcare, education and transport precincts in major cities across the country. The facilities will seek to feature EV charging stations and integrated rooftop solar, helping to meet rising parking demand driven by population growth and increasing private vehicle ownership, including EVs. A-SIF is targeting to invest up to USD 250 million via Fund and co-investments in Parkwise to support the delivery of a pipeline of projects.
The new company is founded in partnership with local market sector leaders within the parking industry, who already manage more than 80 facilities. Co-located at social precincts, notably hospitals, universities and airports, Parkwise will develop, own and operate the facilities, as it seeks to modernise mobility infrastructure in the country by addressing the increasing demand for efficient and sustainable urban mobility solutions. With a strong focus on innovation and customer experience, Parkwise will provide state-of-the-art parking infrastructure that meets the evolving needs of modern urban environments, whilst also supporting the development of the co-located social infrastructure.
Saji Anantakrishnan, Head of Infrastructure for Australia and Asia at PATRIZIA, said: “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. 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.”
The capital city of the Philippines, Manila, is one of the most congested cities in the world in terms of traffic, with the country’s other major cities also affected in this way and hampered by an inadequate parking supply. Parkwise will help alleviate this problem through the provision of off-street parking, while the company will target strategic co-location with social precincts where there is high demand for parking.
The Philippines’ population is forecast to grow to 130 million people in 2030 from its current 117 million figure and has experienced a significant growth in its middle-class population since the turn of the 21st century (45% in 2000 to 70% in 2020) which has coincided with growth in private vehicle ownership. Parkwise will implement practices aligned to the United Nations’ Sustainable Development Goals, such as inclusive and sustainable economic growth and industrialisation and aims to expand its footprint across key urban areas. The company already has one operational facility and has identified several prime locations for its initial greenfield projects, which are in advanced stages of planning and development, at various healthcare, education and transport sites.
Alf Wilson, Director at Parkwise, commented: “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.”
PATRIZIA is a leading investor in parking infrastructure and mobility solutions. It continues to oversee its 20-plus year investment in International Parking Group, Australia’s largest pure-play parking infrastructure company.
Parkwise combines elements of infrastructure and traditional real estate investments – a further illustration of RE-Infra – PATRIZIA’s combined asset class which is one of its five growth strategies identified as pivotal to the company reaching its EUR 100 billion assets under management (AUM) goal by 2030, as per its new mid-term strategy.
Phoebe Smith, PATRIZIA Head of Fund Management RE-Infra, added: “Parkwise’s project are part of the convergence between infrastructure and real estate, where installing infrastructure assets creates additional value for the underlying real estate investments. In this instance, this is an attractive infrastructure investment which benefits real estate locations, serving to illustrate the abundance of RE-Infra projects in the sector, which we see growing significantly and supporting our AUM growth targets through RE-Infra investments of at least EUR 4 billion by 2030.”
This is the second A-SIF investment into the Philippines in the past few months, following the investment into one of the country’s leading solar energy companies in September 2024. A-SIF is the second fund from the PATRIZIA-Mitsui collaboration, following the launch of the Emerging Market Infrastructure Fund in 2008, which also had a focus on APAC. The PATRIZIA-Mitsui partnership brings together two of the most experienced investors in global real assets. With a 40 year track record, PATRIZIA manages c. EUR 56 billion AUM globally for its clients, of which c. EUR 8 billion is for institutional investors who are located in APAC.
