Fundraising

TIAA-led consortium buys InterPark from Alinda

The team, which also includes Antarctica Capital and Silverpeak Real Estate Partners, has acquired the US’s largest parking owner and operator six years after Alinda bought the company.

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A consortium led by TIAA Private Investments and Antarctica Capital has bought Chicago-based InterPark Holdings, the largest US owner and operator of parking infrastructure, from Alinda Capital Partners.

Financial terms of the deal were not disclosed, but Axios reported that the price was around $1.1 billion. TIAA and Antarctica declined to comment on the price of the deal, while Alinda had not responded to queries at press time.

Silverpeak Real Estate Partners, one of the investors in the consortium, will handle real estate opportunities in the portfolio. Other investors in the group include CIC Capital Corporation, China Life, Munich Re Group and PFA Pension.

Alinda had acquired InterPark, which owns 49,000 spaces in 57 parking garages in cities across the US, in July 2011 from GE Capital Real Estate.

TIAA, an affiliate of Nuveen, said the acquisition reflected the firm’s interest in parking assets with highly recurring and defensive cash flows.

“We are really interested in focusing on assets with central business district locations,” Marietta Moshiashvili, TIAA’s head of energy and infrastructure asset management, told Infrastructure Investor. “This particular enterprise will allow us to continue growth of this infrastructure business, both through organic and M&A activity.”

The new ownership will work with the company’s current management, Moshiashvili said.

Parking assets have drawn growing interest from investors. In May, KKR paid €2.95 billion to acquire Q-Park, a Netherlands-based company with more than 6,300 facilities across north-west Europe.