APG has agreed to buy Canadian pension fund manager CPPIB’s 39% stake in European car park business Interparking.
The pension fund, which is the Netherlands’ largest, is paying an equity price of between EUR 500m and EUR 600m for the stake, a source close to the process said, adding that the deal values the company at an enterprise value of around 14 to 16 times EBITDA.
Brussels-headquartered Interparking, which has operations in Belgium, the Netherlands, Germany, France, Italy, Spain, Austria, Poland and Romania, reported EBITDA of EUR 148.7m in 2018.
Last month a financial newswire reported CPPIB had appointed Citi to explore a sale of the Interparking stake. APG, which Rothschild is advising, agreed to buy the stake ahead of the launch of a formal auction process, the source said.
CPPIB bought its 39% stake in in Interparking in 2014 for around EUR 376m from German property company AG Real Estate, whose stake fell to 51%, while Belgian investment company PARKIMO maintained its 10% stake. Interparking has more than 380,000 off-street and on-street parking spaces, including around 827 car parks.
APG has experience in the car parking sector, having been among a group of investors that owned European car parking business Q-Park before selling it to KKR infrastructure in 2017. Its purchase of the Interparking stake is the latest of a series of recent deals in the European sector.
Infrastructure investors Mirova and MEAG earlier this year announced they have entered into exclusive negotiations to buy a 49.2% stake in France’s Indigo Group for an undisclosed fee, while Spanish lender CaixaBank’s investment arm CriteriaCaixa last year acquired 49% of car park operator Saba Infraestructuras from a group including KKR Infrastructure.