Canada Pension Plan Investment Board, Toronto, will acquire a 39% stake in Brussels-based European parking lot manager Interparking for €376 million ($508 million).
CPP Investment Board European Holdings, a subsidiary of the board that oversees the investments of the C$219.1 billion (US$203.8 billion) Canada Pension Plan, Ottawa, signed an agreement to acquire the stake from AG Real Estate. AG Real Estate will now hold 51% of Interparking, while existing shareholder PARKIMO, a French real estate leasing firm, will retain its 10% holding in the company.
Interparking has 657 parking facilities in 350 cities across nine European countries.
“Interparking is a good fit with our infrastructure program” because of its the relatively stable, predictable cash flows, Andre Bourbonnais, CPPIB's senior vice president and head of private investments, said in a news release. CPPIB had 6.1% of assets in infrastructure investments as of March 31, according to the board's website.
May Chong, board spokeswoman, could not be reached for further details.
