Parkia's chief executive has signalled his intention to leave...

Parkia's chief executive has signalled his intention to leave the Spanish car parking company as its owner, Australia-based infrastructure asset manager Igneo, enters sale talks with potential buyers, four sources familiar with the situation said.

Offers for Parkia value the company at between 550 million euros and 650 million euros ($711 million), the sources said.

The bidders for Parkia learned about Julio Francisco López Castillo's plans to depart just days before scheduled presentations by management, the sources said. The executive is set to join another company, two of the people said.

Lopez Castillo attended at least some of the meetings, although he kept a low profile during the discussions, one of the sources said. Sales presentations are ongoing, said one of the sources.

DC Advisory, which is handling Parkia's sale for Igneo Infrastructure Partners, has received preliminary offers from French company Indigo and Australian infrastructure investor Macquarie (MQG) , according to three of the sources.

Castillo did not reply to calls and messages sent to his mobile phone.

Lopez Castillo's exit may clear the way for Indigo and Macquarie, which are already managing a parking business in Spain, according to one of the people.

Asset manager Asterion has also submitted an indicative offer, according to the sources.

Spokespeople for DC Advisory, Macquarie Asset Management, Igneo Infrastructure Partners and Asterion declined to comment.

Indigo and Parkia didn´t reply to a request for comment. The deadline for binding bids has been set for the end of July, the sources said.

Parkia posted earnings before interest, taxes, depreciation and amortisation (Ebitda) of about 33 million euros in 2022, according to one of the sources. The company hasn't posted its results in its website.

The car park sector has been recovering from pandemic lockdowns and some investors are betting on the potential for expansion into charging stations for electric vehicles.

Igneo acquired Parkia, which manages 78 car parks in 47 cities in Spain and Andorra, in 2016.

Macquarie, which owns car park company Telpark in Spain, has been active in the sector and purchased a minority stake in Austrian Best in Parking in April.

Indigo, which manages more than 1.4 million parking spaces in nine countries, last year acquired PareBem, the third-largest car park manager in Brazil.