The European subsidiary of the Canada Pension Plan Investment Board (CPPIB) has agreed to invest €376 million ($546.2 million) for a 39% stake in one of Europe’s largest car park management companies.
CPP Investment Board European Holdings will acquire the interest from AG Real Estate (AGRE), taking AGRE’s holdings to 51%. PARKIMO, an existing shareholder, will maintain its 10% holding in the company.
Based in Brussels, with operations across nine countries in Europe, Interparking has a portfolio consisting of 657 car parks in 350 cities, with leading market shares in Belgium and Germany.
“We are pleased to make our first investment in the European car parking sector through this excellent opportunity to invest in a first-class car park platform alongside AG Real Estate and PARKIMO,” says André Bourbonnais, senior vice-president, head of private investments with CPPIB. “Interparking is a good fit with our infrastructure program because of the relatively stable, predictable cash flows available through its geographically diversified portfolio of high-quality car parks, and this aligns well with CPPIB’s exceptional long-term investment horizon.”
The transaction is subject to customary closing conditions and regulatory approvals from the competition authorities.
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