PATRIZIA-Mitsui JV Invests $250M in Philippine Parking Startup Parkwise

PATRIZIA, in partnership with Mitsui through their joint venture fund management firm, has announced a significant investment of up to $250 million in Philippine-based parking startup Parkwise Inc. The investment is being made through the APAC Sustainable Infrastructure Fund (A-SIF) to support the expansion of modern parking solutions in the country.

According to a statement from PATRIZIA, A-SIF will deploy funds and co-investments to back Parkwise’s development pipeline. Parkwise focuses on building advanced parking facilities strategically located near healthcare, education, and transport hubs across major urban centers in the Philippines.

These facilities will integrate electric vehicle (EV) charging stations and rooftop solar panels, addressing the growing demand for parking while promoting sustainable infrastructure. The company operates in collaboration with local industry leaders who currently manage over 80 parking sites nationwide.

Parkwise aims to enhance urban mobility by constructing and managing state-of-the-art parking solutions in high-demand locations such as hospitals, universities, and airports. The company’s approach aligns with the increasing need for efficient and eco-friendly mobility infrastructure, catering to the rising number of private vehicles, including EVs.

Saji Anantakrishnan, Head of Infrastructure for Australia and Asia at PATRIZIA, emphasized the importance of Parkwise’s role in promoting climate-friendly mobility solutions. “Introducing Parkwise to the Philippine market is a key step in supporting the country’s transition to a low-carbon future. Our partnership model ensures we bring top-tier expertise and experience to this initiative.”

The capital city, Manila, is one of the most congested urban areas globally, with other major Philippine cities also struggling with limited parking availability. Parkwise aims to alleviate these challenges by offering off-street parking solutions in strategic locations with high demand.

The company is committed to implementing practices aligned with the United Nations’ Sustainable Development Goals (SDGs), including fostering inclusive economic growth and sustainable industrialization. With one facility already operational, Parkwise has identified multiple prime locations for its upcoming projects, primarily within healthcare, education, and transportation precincts.

“Our vision is to establish a network of premium parking facilities that not only address current demand but also anticipate future needs,” said Alf Wilson, Director at Parkwise. “We believe our integrated approach will play a significant role in advancing sustainable mobility in the Philippines.”

Phoebe Smith, PATRIZIA’s Head of Fund Management RE-Infra, highlighted the strategic synergy between infrastructure and real estate in Parkwise’s projects. “This investment showcases how infrastructure assets can enhance real estate value. We see strong growth potential in RE-Infra investments, with a target of at least EUR 4 billion ($4.18 billion) in assets under management by 2030.”

This marks A-SIF’s second major investment in the Philippines within the past few months, following its September 2024 backing of a leading solar energy firm. The fund is the latest initiative from the PATRIZIA-Mitsui collaboration, which began with the launch of the Emerging Market Infrastructure Fund in 2008.

PATRIZIA, a global investor in parking infrastructure and mobility solutions, currently manages approximately EUR 56 billion ($58.56 billion) in assets worldwide, including EUR 8 billion ($8.37 billion) on behalf of institutional investors in the APAC region. The firm has maintained a long-standing commitment to the parking sector, with over 20 years of investment in Australia’s largest dedicated parking infrastructure company, International Parking Group.

Looking ahead, PATRIZIA aims to achieve EUR 100 billion ($104.57 billion) in assets under management by 2030, as part of its mid-term growth strategy.