Hutchison says CKI venture to buy Canada off-airport parking firm for $366 mln

HONG KONG Tue May 27, 2014 9:28pm EDT

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HONG KONG May 28 (Reuters) - Li Ka-shing's Hutchison Whampoa Ltd conglomerate said two companies controlled by the tycoon have teamed up to buy a Canadian off-airport car park operator for C$397.5 million ($366 million) as Asia's richest man continues to invest abroad.

The deal sees Hutchison's Cheung Kong Infrastructure Holdings Ltd (CKI) and property group Cheung Kong Holdings Ltd pair up to extend a strategy of investing in infrastructure opportunities around the world, Hutchison said in a filing to the Hong Kong bourse early on Wednesday. CKI will fund the deal by internal resources.

The pair are buying the Park'N Fly off-airport parking business, operating in Toronto, Montreal, Edmonton, Ottawa and Vancouver, from a group of Canadian investors. These included BRL Realty Ltd, 1250353 Ontario Ltd, RNE Realty Ltd, Park'N Fly Partnership, and 1420291 Alberta Ltd.

The deal came less than a month after CKI joined forces with Cheung Kong and Power Assets to launch an unsolicited $1.8 billion takeover offer to buy the remaining shares in Australian gas distributor Envestra Ltd.

($1 = 1.0871 Canadian Dollars) (Reporting by Donny Kwok; Editing by Kenneth Maxwell)

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