Aussie pension acquires 20% of parking company

The A$1bn Prime Super fund has agreed to acquire a stake in International Parking Group, which operates nine hospital car parks, from the JF Infrastructure Yield Fund for an undisclosed sum.

Prime Super, a superannuation fund based in Victoria, Australia, has agreed to acquire a 20.8 percent interest in Australian parking company International Parking Group (IPG) from the JF Infrastructure Yield Fund.

IPG operates nine hospital car parks in New South Wales and Queensland under build, operate, own and transfer schemes, according to a statement from infrastructure-focused asset manager Access Capital Advisers, which brokered the deal.

IPG generates gross annual revenues of over A$32 million (€23 million; $33 million) and IPG’s nine car park portfolio, with about 1,000 bays, is currently valued at A$180 million. Contracts for the car parks expire between 2014 and 2033, according to the company’s website.

Financial details for the deal were not disclosed.  Access partner Tom Snow said in a statement that the acquisition was “undertaken at a significant discount to intrinsic value”.

Prime Super managed total assets of about A$1 billion as of June 30, including about A$84 million in infrastructure investments, according to the fund’s website. Infrastructure investments include Chilean gas distribution company Gasvalpo, UK water company Southern Water, and UK rolling stock company Angel Trains.