NEW YORK CITY—A consortium led by TIAA Private Investments and Anarctica Capital, both headquartered here, has acquired parking facility operator InterPark from Alinda Capital Partners. Financial terms were not disclosed; however, InterPark's website values the company's owned portfolio at $1 billion. Alinda, a Greenwich, CT-based investment advisor specializing in infrastructure, acquired InterPark from GE Capital in 2011.
Joining TIAA and Antarctica in the consortium are CIC Capital Corp.; China Life, advised by its alternative investment platform China Life Investment Holding Co. Ltd.; Munich Re Group, advised by its proprietary asset manager MEAG; and PFA Pension. Silverpeak Real Estate Partners, also an investor in the consortium, will focus on real estate and development opportunities for the portfolio, which encompasses 57 parking facilities across CBDs and airports in markets including Atlanta, Baltimore, Boston, Chicago, Houston, Minneapolis, Philadelphia, Phoenix, San Francisco and Washington, DC.
TIAA Private Investments—an affiliate of TIAA-owned Nuveen—and Antarctica will serve as the consortium's manager through a joint venture led by TIAA Private Investments. The JV will work with Chicago-based InterPark's existing management team to help the company optimize and grow its operations.
“The transaction represents an opportunity to invest in core parking assets located in prized locations across the US that exhibit highly recurring and defensive cash flows,” says Marietta Moshiashvili, managing director and head of energy & infrastructure asset management at TIAA Private Investments. In a release announcing the InterPark acquisition, representatives of the consortium's other members similarly cite the steady income of the company's parking facilities.
According to the company's website, some 16 million cars use InterPark facilities annually. The company also owns PreFlight Airport Parking, which provides off-airport parking in eight of InterPark's 13 markets.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
