Lithuanian parking lot operator expands operations in Poland

"The contract with Lodz, a city with 700,000 residents, is the result of City Parking Group's purposeful work. We continue implementing our strategy of active expansion in Poland and will have more news from this country soon," Parkdeam director Vaidas Mickus said in the statement.

Under the contact with the Lodze authorities, City Parking Group will operate some 4,424 parking spaces in the city by 2022, and the company has already invested into part of them almost 1 million euros.

The company's representatives told BNS Lithuania it won a tender in Lodz and invested into parking spaces it already owned before the contract was signed.

Parkdema owns Unipark in Lithuania and Latvia, Citypark in Estonia and City Parking Group in Poland. The latter's revenue stood at 12.55 million euros last year and it gad a workforce of almost 300 people.

Parkdema is owned by the Lords LB Asset Management fund, Energy and Infrastructure SME Fund and Modus Group.