America’s largest parking structure owner and operator, InterPark, was acquired by a consortium of investors led by TIAA Private Investments and Antarctica Capital. Additional information about the cost of the transaction was not disclosed.
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InterPark, which consists of a nationwide portfolio of 57 parking garages and lots that total 49,000 spaces, was acquired from investment fund manager Alinda Capital Partners.
“The transactions represent an opportunity to invest in core parking assets located in prized locations across the U.S. that exhibit highly recurring and defensive cash flows,” Marietta Moshiashvili, TIAA Private Investments managing director and head of Energy & Infrastructure Asset Management, said in a release.
Consortium investors include Silverpeak Real Estate Partners, which will focus its efforts on development and real estate opportunities for the portfolio; CIC Capital Corp.; China Life; Munich RE Group and PFA Pension.
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