A newly established parking infrastructure company, Parkwise Inc., has secured an investment of up to US$250 million to develop modern parking facilities across the Philippines.
The funding comes from PATRIZIA and Mitsui through their APAC Sustainable Infrastructure Fund (A-SIF).
The venture aims to address the critical parking shortage in Philippine cities, particularly in Manila, which ranks among the world’s most congested urban centres. Parkwise plans to construct state-of-the-art parking facilities near healthcare institutions, educational establishments, and transport hubs.
In partnership with established local parking sector leaders overseeing over 80 facilities, Parkwise will incorporate sustainable features into its developments, including electric vehicle charging points and rooftop solar installations. This approach aligns with the growing trend of private vehicle ownership and the transition towards electric vehicles in the region.
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“The Philippine market presents a significant opportunity for climate-friendly mobility solutions, which are essential for achieving net-zero targets,” explained Saji Anantakrishnan, PATRIZIA’s Head of Infrastructure for Australia and Asia. “Our collaborative approach combines comprehensive expertise to enhance mobility and social infrastructure in this rapidly growing market.”
Parkwise has already launched its first operational facility and has identified several prime locations for upcoming greenfield projects, particularly near hospitals, universities, and airports. These developments are in the advanced planning stages.
Alf Wilson, Director at Parkwise, outlined the company’s strategic vision: “We’re building a comprehensive network of premium parking facilities that addresses both immediate requirements and future demands. Our integrated approach will play a crucial role in advancing sustainable mobility throughout the Philippines.”
The investment represents a convergence of infrastructure and real estate opportunities, according to Phoebe Smith, PATRIZIA’s Head of Fund Management RE-Infra. She notes that this project contributes to PATRIZIA’s ambitious target of achieving at least $4.18 billion in RE-Infra investments by 2030.
This marks A-SIF’s second major investment in the Philippines, following their recent backing of a leading solar energy provider in September 2024. The fund represents the latest collaboration between PATRIZIA and Mitsui, building upon their successful Emerging Market Infrastructure Fund launched in 2008.
PATRIZIA, which currently manages approximately US$60 billion in global assets, brings substantial expertise in parking infrastructure investment. The firm maintains a long-standing investment in International Parking Group, Australia’s largest dedicated parking infrastructure organisation, and aims to expand its total assets under management to US$104.57 billion by 2030.
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