Pan-European developer and operator of transport infrastructure Lysara has secured long-term lease agreements with Q-Park and Apex Parking on its UK car park portfolio, which was formerly let to NCP.
Q-Park has signed for 20 sites and Apex Parking has signed for 10 sites after Lysara exercised break options across the sites following NCP’s collapse into administration earlier this year.
The 20 car parks let to Q-Park will operate under its Q-Park and Britannia Parking brands and Apex Parking will manage its sites under management agreements with Lysara.
Scott Parsons, CEO of Lysara, said: “Over the past few months, the team has worked at pace to transition 30 assets into a stronger operating structure, securing long-term income with Q-Park across 20 sites and retaining attractive operational upside across a further 10 sites with Apex.
“This is an important milestone for Lysara. The new arrangements strengthen the quality and resilience of the portfolio, refocus on the customer experience and preserve our flexibility to integrate new services, including EV charging, over time. It is a strong example of the way we are building Lysara: combining disciplined asset management with deep operator relationships and a clear focus on long-term infrastructure value.”
Adam Bidder, MD of the UK and Ireland at Q-Park, added: “We are delighted to have completed this agreement, which marks a significant expansion of our portfolio of city centre parking facilities across the UK. It allows us to bring the Q-Park brand and service offering to a wider range of towns and cities, including locations where we have not previously operated. Long leases in locations of this quality are exactly where we want to be, and we look forward to operating them under the Q-Park and Britannia Parking brands.”
Guy Watson, MD of Apex Parking, said: “We are particularly pleased to expand our successful partnership with Lysara across a further 10 sites. These are well-located parking assets where our active management, professional local operating focus and our established strong customer proposition can drive meaningful performance improvement. We look forward to building on the work already undertaken with Lysara and supporting the next phase of the portfolio’s development as we continue to grow as a business.”
Lysara was advised on the transactions by Fried Frank and Shoosmiths.
