Macquarie's US-based firm, Macquarie Infrastructure Group., counts among its holding an assemblage of off-airport car parks in the US. The company also runs tollroads including the Chicago Skyway Tollway. The company paid $618 million for Virginia's Dulles Greenway turnpike in September.
The Sydney-based bank will pay $124.5 million cash for a 52.5% interest in Icon. The rest of the funds will account for the buyers' assumption of the parking firm's debt. The three funds teaming with the Australian banking concern are MTAA Superannuation Fund, the Australian Retirement Fund and Westscheme and Statewide Superannuation Trust.
"Icon Parking is a leading operator in the Manhattan off-street parking sector, holding a top-two market position by revenue and by number of locations,'' says Macquarie Bank chief financial officer Greg Ward. Icon is owned by TMO Parent LLC, which is part-owned by Goldman Sachs' Whitehall Street Real Estate Funds.
Macquarie manages or owns a $43-billion global portfolio through a mixture of listed and unlisted property trusts, unlisted development funds and property investment syndicates. The bank has nearly quadrupled its profits in the past three years.
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