TORONTO – The Canada Pension Plan Investment Board has signed a deal to acquire a 39 per cent stake in Interparking, one of Europe’s largest parking lot management companies, for about $546 million.
Under the deal, CPP Investment Board European Holdings will pay 376 million euros to acquire the stake from AG Real Estate, which will retain a 51 per cent interest.
PARKIMO, an existing shareholder, will keep its 10 per cent holding.
Based in Brussels and with operations across nine countries in Europe, Interparking owns 657 car parks in 350 cities.
“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,” said Andre Bourbonnais, senior vice-president, head of private Investments, CPPIB.
The Canada Pension Plan Investment Board invests the money not needed by the Canada Pension Plan to pay current benefits on behalf of 18 million Canadian contributors and beneficiaries.
As of March 31, the CPP Fund totalled $219.1 billion.