HONG KONG May 28 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)