Dutch pension fund APG has bought Canada Pension Plan Investment Board’s (CPPIB) 39% stake in European car park owner and operator Interparking.
Financial details were not disclosed. However, CPPIB Investment paid €376 mln in July 2014 when it acquired the stake from AG Real Estate.
AG Real Estate and Parkimo will maintain their stakes of 51% and 10% respectively in Interparking. The car park owner and operator has a a portfolio of 949 car park sites in 416 cities across nine countries.
'As a pension investor, we are continuously looking for attractive infrastructure investments worldwide that help us realize stable and long-term returns for Stichting Pensioenfonds ABP (ABP) and other pension fund clients we work for,' said Patrick Kanters, managing director Global Real Assets at APG. 'This investment in Interparking offers a sustainable long-term business model with strong growth and robust cash generation through its established pan-European platform and its resilient diversified car park portfolio. We are very excited to be working alongside experienced shareholders AG Real Estate and Parkimo in the long term to continue to support Interparking’s outstanding management team to develop and grow their business.'
Scott Lawrence, managing director, head of Infrastructure, CPPIB said: 'Interparking has been an important and integral part of our European infrastructure portfolio for a number of years. Our partnership with our co-investors - AG Real Estate and Parkimo - and the Interparking management team has been very positive, and has contributed to the company’s continued success as a leading owner and operator of high quality car parks across Europe.'