A group of investors has acquired InterPark, an owner, operator and developer of parking infrastructure in the United States, from investment funds managed by Alinda Capital Partners. The terms of the acquisition were not disclosed.
The consortium of purchasers, with TIAA Private Investments and Antarctica Capital at the helm, includes institutional investors CIC Capital Corporation, China Life, Munich RE Group, and PFA Pension.
InterPark describes itself as specializing in “urban and airport properties in national markets,” and its portfolio includes 57 parking garages it owns, and surface lots with 49,000 spaces. The portfolio is geographically diversified across major cities and airports, such as Atlanta, Boston, Chicago, San Francisco, and Washington, D.C.
“The transaction represents an opportunity to invest in core parking assets located in prized locations across the US that exhibit highly recurring and defensive cash flows,” said Marietta Moshiashvili, head of energy & infrastructure asset management at TIAA Private Investments.
A joint venture led by TIAA Private Investments, and including Antarctica Capital, will manage the investment for the consortium. The venture will work with InterPark’s current management team in order to grow the company’s operations.
The benefits the institutional investors expect from this acquisition include:
- Capitalizing on a growing trend towards urbanization, and a tendency towards denser urban cores
- Real assets that offer stable cash flows, and growth potential
- Portfolio diversification
InterPark’s current strategy is primarily focused on existing parking assets, but it is also open to developing new parking assets given the right opportunity in a growth market. It is interested in airport parking garages and surface lots that are within a seven-minute drive from the airport terminal, and have at least 1,200 parking spaces.
“We are excited to write the next chapter of InterPark’s history with our new owners, which represent an impressive group of institutional investors that bring new capabilities to our growth strategy,” said Marshall Peck, CEO of InterPark.
Tags: Alinda Capital, Antarctica Capital, InterPark, TIAA