German investment manager PATRIZIA and one of Japan’s largest trading companies Mitsui & Co have completed a $250 million investment in Parkwise, a new parking facilities company in the Philippines, according to an announcement on Tuesday.
The investment, carried out by the two firms’ joint venture fund management company, will take a majority stake in Parkwise, which aims to set up modern parking facilities across major Philippine cities.
The parking facilities will integrate electric vehicle charging stations and rooftop solar installations. Co-located at social precincts, notably hospitals, universities, and airports, Parkwise will develop, own, and operate the facilities.
Parkwise already operates one facility and has identified several greenfield locations for development.
The new parking company was founded in partnership with local market sector leaders within the parking industry, who already manage more than 80 facilities.
“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.
Parkwise is designed to address the increasing demand for secure, off-street parking in a country struggling with high urban congestion, particularly in Manila.
Population expansion and growing middle-class vehicle ownership in the Philippines have heightened the need for such projects, with the population expected to reach 130 million by 2030.
“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.
The investment in Parkwise underscores PATRIZIA’s emphasis on a convergence of real estate and infrastructure—known as “RE-Infra”—which is among the firm’s key growth areas.
PATRIZIA has a history of investing in parking infrastructure and mobility solutions globally, and it continues to see potential in building integrated, technology-driven parking services.
The investment in Parkwise is done on behalf of the APAC Sustainable Infrastructure Fund (A-SIF). A-SIF’s latest investment follows its September 2024 commitment to Buskowitz Energy (BEI), a Philippine solar energy company. A-SIF agreed to acquire Vivant Renewable Energy Corporation’s interest in BEI.
The PATRIZIA-Mitsui partnership has been active since 2008, previously managing the Emerging Market Infrastructure Fund, and currently oversees global real assets totalling around 56 billion euros.
