Consortium Includes CIC Capital, China Life, Munich Re Group, PFA, Silverpeak Real Estate
The Chicago O’Hare PreFlight parking garage owned by InterPark A consortium led by TIAA Private Investments and Antarctica Capital has acquired InterPark Holdings, among the biggest owner-operators of parking facilities in the U.S. The investment group obtained InterPark from funds managed by Alinda Capital Partners. Regards to the offer were not divulged.
The buying consortium’s institutional financiers from China, Germany and Denmark: CIC Capital Corp.; China Life, Munich Re Group and PFA Pension. In addition, New York-based Silverpeak Property Partners, another financier, will focus on realty and development opportunities in the portfolio.
TIAA Private Investments, an affiliate of Nuveen and Antarctica, will function as the consortium’s manager. The joint endeavor will deal with InterPark’s existing management team to “optimize and grow its operations.”
Marietta Moshiashvili, handling director and head of energy and infrastructure possession management at TIAA Private Investments, mentioned the parking facilities’ “highly repeating and protective cash flows” in deciding to make the acquisition.
InterPark’s portfolio of 57 owned parking garages and surface lots consists of more than 49,000 spaces in Atlanta, Baltimore, Boston, Chicago, Houston, Milwaukee, Minneapolis, Philadelphia, Phoenix, Pittsburgh, San Francisco, St. Louis and Washington, DC. Many of the centers serve as PreFlight-branded airport parking facilities, consisting of at 8 of the biggest airports in the United States