The board’s European Holdings division will take on the stake from AG, which will reduce its share to 51 per cent. Existing shareholder PARKIMO will keep its 10 per cent holding.
Brussels-based Interparking has operations across nine countries in Europe with a portfolio of 657 car parks in 350 cities.
CPPIB’s senior VP André Bourbonnais said, “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.
“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.”
Earlier this year CPPIB confirmed that it was selling global industrial company Gates Corporation to Blackstone Group for $5.4bn, together with private equity firm Onex Corporation.
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