Istanbul considering going public with parking services company

Sabah - The Istanbul Metropolitan Municipality (IBB) is considering offering stakes of its successful parking management services company ISPARK (Istanbul Parking Operations Co.) to the public. ISPARK manages Türkiye’s most populous city’s on-street and closed parking areas belonging to the IBB.

The company reached an estimated value of EUR 4 billion during its 7-year history of managing the parking areas of Istanbul’s 28 districts, with over 2,000 employees. Foreign interest is also said to be high in the company, which will soon add marine parking, heliports, taxi stations and city shuttles to its range of services.

In the first half 2011, IBB successfully privatized its Istanbul Ferry Lines (IDO) for USD 861 million, giving the operating rights of the company to the highest bidding Tepe-Akfen-Souther-Sera JV group. Another subsidiary of the municipality, the Istanbul Natural Gas Distribution Co. (IGDAS), is also in line for privatization in 2012.
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