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Macquarie, Partners Takes Manhattan Parking Lots for $634M

NEW YORK CITY-Australian investment banking concern Macquarie leads a partnership that will take title the a majority interest in approximately 192 parking lots mostly in Manhattan. The deal is valued at $634 million.

By Barbara Jarvie | Updated on November 19, 2005

NEW YORK CITY-Macquarie Bank and three Australian pension funds have acquired a majority interest in Icon Parking Systems for approximately $634 million. Icon operates 192 parking lots here in Manhattan.

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.

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