A consortium led by TIAA Private Investments and Antarctica Capital has completed a transaction to acquire InterPark, the largest owner-operator of parking infrastructure in the United States, from investment funds managed by Alinda Capital Partners.
Silverpeak Real Estate Partners, an investor in the consortium, will focus on real estate and development opportunities for the portfolio. The consortium’s institutional investors members include: CIC Capital Corporation; China Life, advised by its alternative investment platform China Life Investment Holding Company Limited; Munich Re Group, advised by its proprietary asset manager MEAG; and PFA Pension. Investment terms were not disclosed.
TIAA Private Investments, an affiliate of Nuveen, and Antarctica will serve as the consortium’s manager through a joint venture led by TIAA Private Investments. The joint venture will work with InterPark’s existing management team to provide expertise that will enable the company to optimize and grow its operations.
InterPark’s portfolio of 57 owned parking garages and surface lots containing over 49,000 spaces is geographically diversified across major central business districts and airports including Atlanta, Baltimore, Boston, Chicago, Houston, Minneapolis, Philadelphia, Phoenix, San Francisco and Washington, D.C., among other locations.
Marietta Moshiashvili, Managing Director and Head of Energy & Infrastructure Asset Management at TIAA Private Investments, said:
“The transaction represents an opportunity to invest in core parking assets located in prized locations across the U.S. that exhibit highly recurring and defensive cash flows.”
Mario Maselli, Senior Director and Deputy Head of Energy & Infrastructure Asset Management, TIAA Private Investments, stated:
“We are excited to work with Antarctica, Silverpeak, the investors’ consortium and InterPark’s management team, which has an extensive track record in the parking sector, to capitalize on these opportunities.”
Chandra R. Patel, Managing Partner of Antarctica Capital, said:
“The acquisition of InterPark is a continuation of our real asset strategy to partner with like-minded investors and leading management teams to acquire assets that offer both secure income and growth.”