NEW YORK–A consortium led by TIAA Private Investments and Antarctica Capital (“Antarctica”) has completed a transaction to acquire InterPark, the largest owner-operator of parking infrastructure in the United States, from investment funds managed by Alinda Capital Partners.
Silverpeak Real Estate Partners (“Silverpeak”), an investor in the consortium, will focus on real estate and development opportunities for the portfolio. The consortium’s institutional investors members include: CIC Capital Corporation; China Life, advised by its alternative investment platform China Life Investment Holding Company Limited; Munich Re Group, advised by its proprietary asset manager MEAG; and PFA Pension. Investment terms were not disclosed.
TIAA Private Investments, an affiliate of Nuveen, and Antarctica will serve as the consortium’s manager through a joint venture led by TIAA Private Investments. The joint venture will work with InterPark’s existing management team to provide expertise that will enable the company to optimize and grow its operations.
“The transaction represents an opportunity to invest in core parking assets located in prized locations across the U.S. that exhibit highly recurring and defensive cash flows,” said Marietta Moshiashvili, Managing Director and Head of Energy & Infrastructure Asset Management at TIAA Private Investments.
“We are excited to work with Antarctica, Silverpeak, the investors’ consortium and InterPark’s management team, which has an extensive track record in the parking sector, to capitalize on these opportunities,” added Mario Maselli, Senior Director and Deputy Head of Energy & Infrastructure Asset Management, TIAA Private Investments.
InterPark’s portfolio of 57 owned parking garages and surface lots containing over 49,000 spaces is geographically diversified across major central business districts and airports including Atlanta, Baltimore, Boston, Chicago, Houston, Minneapolis, Philadelphia, Phoenix, San Francisco and Washington, D.C., among other locations.
“The acquisition of InterPark is a continuation of our real asset strategy to partner with like-minded investors and leading management teams to acquire assets that offer both secure income and growth,” said Chandra R. Patel, Managing Partner of Antarctica Capital.
“InterPark’s assets provide compelling opportunities to benefit from strong urbanization and urban core densification trends and we look forward to continue the growth of this exceptional portfolio of parking assets,” said Philipp Klingelhofer, Managing Director of Antarctica Capital.
“The InterPark investment has the elements of real assets and stable cash flows along with growth potential, which all fit into CIC Capital’s infrastructure investment strategy. We are pleased to work with such a strong group of like-minded investors from the U.S. and around the world,” said Qing Zhang, Executive Vice President of CIC Capital Corporation.
“We believe infrastructure investment can offer a welcome addition to a balanced and diversified portfolio. This transaction marks a big step for our firm, extending our global partnership with like-minded investors,” said Fengming Zhang, President of China Life Investment Holding Company Limited.
“This investment in U.S. parking infrastructure further diversifies our portfolio and helps us generate sustainable, calculable cash-flows that make a valuable contribution to covering Munich Re’s liabilities. The U.S. market is a clear focus area for MEAG reflecting Munich Re’s substantial core business in North America,” says MEAG Managing Director Holger Kerzel.
“We are glad to be part of the strong international consortium that is buying InterPark. All investors have been contributing actively to the completion of the transaction,” said PFA’s Chief Investment Officer Henrik Nøhr Poulsen.
“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.