Saba acquires 50% of Spel from Sonae Imobiliária and comes to control 100% of its Portuguese subsidiary

Saba has acquired the 50% of its Portuguese subsidiary Spel that until now has been owned by Sonae Imobiliária, SGPS, S.A., belonging to the top private business group in Portugal. Following this operation, which has involved an investment of 17.43 million euros[S1], Saba has come to control 100% of Spel with the aim of continuing to develop its selective growth policy as laid down in the company's strategic plan, which suggests interesting scope for developing the Portuguese market in this sector.

Saba began its activities in Portugal in 1997 through Spel, in which it was a 50% partner with Sonae Imobiliária. During these six years, the agreement between the two companies has enabled it to consolidate
itself as one of the most important companies in the Portuguese car park sector.

Spel currently manages a total of 16,953 spaces in 24 parking centres in cities like Oporto, Lisbon, Viseu
and Matosinhos, among others.

Both companies have shown their satisfaction with the work they have done in joint schemes and are confident of possible future co-operation.