TORONTO, July 18 The Canada Pension Plan
Investment Board (CPPIB) said on Friday a subsidiary will spend
376 million euros ($508.6 million) to take a 39 percent stake in
private European car-park management company Interparking,
buying the stake from AG Real Estate.
The investment by CPPIB's wholly owned subsidiary, CPP
Investment Board European Holdings, reduces Belgium-based AG
Real Estate's holding to 51 percent. Existing shareholder
PARKIMO has a 10 percent stake in the company, CPPIB said.
Brussels-based Interparking has operations in nine countries
in Europe, consisting of 657 car parks in 350 cities, with
leading market shares in Belgium and Germany.
It is the first investment in the European car parking
sector by CPPIB, which manages a fund pool of more than C$219.1
billion ($204.1 billion) for Canada's national public pension
plan and is a major global player in infrastructure and real
"Interparking is a good fit with our infrastructure program
because of the relatively stable, predictable cash flows
available through its geographically diversified portfolio of
high quality car parks, and this aligns well with CPPIB's
exceptional long-term investment horizon," Andre Bourbonnais,
CPPIB's head of private investments, said in a statement.
(Reporting by Andrea Hopkins; Editing by Peter Galloway)