CPPIB to sell stake in Interparking to APG

Canada Pension Plan Investment Board is selling its 39 percent stake in Interparking, a Belgian-based car park owner and operator, to APG. No financial terms were disclosed. The deal is expected to close over the next few months. APG is a Dutch pension provider.

PRESS RELEASE

APG is to acquire a 39% stake in Interparking, one of Europe’s largest car park owners and operators. APG will buy the stake from CPP Investment Board Europe S.à r.l, a wholly owned subsidiary of Canada Pension Plan Investment Board (CPPIB). AG Real Estate and Parkimo keep their current positions in Interparking. Closing of the transaction is expected to take place over the coming months.

PRESS RELEASE

Amsterdam / Toronto, Canada (October 23, 2019) – Interparking is a leading pan-European car park owner and operator with a portfolio of 949 high-quality car park sites in 416 cities across nine countries.

Patrick Kanters, Managing Director Global Real Assets at APG said: “As a pension investor, we are continuously looking for attractive infrastructure investments worldwide that help us realize stable and long-term returns for Stichting Pensioenfonds ABP (ABP) and other pension-fund clients we work for. This investment in Interparking offers a sustainable long-term business model with strong growth and robust cash generation through its established pan-European platform and its resilient diversified car park portfolio. We are very excited to be working alongside experienced shareholders AG Real Estate and Parkimo in the long term to continue to support Interparking’s outstanding management team to develop and grow their business.”

Scott Lawrence, Managing Director, Head of Infrastructure, CPPIB said: “Interparking has been an important and integral part of our European infrastructure portfolio for a number of years. Our partnership with our co-investors – AG Real Estate and Parkimo – and the Interparking management team has been very positive, and has contributed to the company’s continued success as a leading owner and operator of high quality car parks across Europe.”

Serge Fautré, Chief Executive Officer of AG Real Estate, said: “We thank CPPIB for their contribution to the professional development of Interparking over the last five years. The long-term investment profile of APG is highly complementary to the strategy of the company, further enhancing its credibility towards the numerous municipalities it serves and the quality of the service it delivers to its clients.”

Roland Cracco, Chief Executive Officer of Interparking, thanks CPPIB for their support to the company during these last years and very much welcomes APG, whose high quality and long-term vision will further support Interparking’s long term sustainable growth in the interest of all its stakeholders (shareholders, municipalities, clients and employees).

About APG
APG is the largest pension delivery organisation in the Netherlands; its approximately 3,000 employees provide executive consultancy, asset management, pension administration, pension communication and employer services. APG performs these services on behalf of (pension) funds and employers in the sectors of education, government, construction, cleaning and window cleaning, housing associations, energy and utility companies, sheltered employment organizations, and medical specialists. APG manages approximately €529 billion (August 2019) / US$584 billion in pension assets for the pension funds in these sectors. APG works for approximately 21,000 employers, providing the pension for one in five families in the Netherlands (about 4.6 million participants). APG has offices in Amsterdam, Heerlen, Brussels, New York and Hong Kong.

APG has been an active infrastructure investor since 2004, investing approximately €14.0 billion to date and managing 32 direct stakes in portfolio companies. APG’s investments include assets within energy and utilities, telecommunications, and transport infrastructure. APG’s Global Infrastructure team comprises 32 investment professionals.

More information: www.apg.nl/en

About CPPIB
Canada Pension Plan Investment Board (CPPIB) is a professional investment management organization that invests the funds not needed by the Canada Pension Plan (CPP) to pay current benefits in the best interests of 20 million contributors and beneficiaries. In order to build diversified portfolios of assets, CPPIB invests in public equities, private equities, real estate, infrastructure and fixed income instruments. Headquartered in Toronto, with offices in Hong Kong, London, Luxembourg, Mumbai, New York City, San Francisco, São Paulo and Sydney, CPPIB is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. At June 30, 2019, the CPP Fund totalled C$400.6 billion. For more information about CPPIB, please visit www.cppib.com or follow us on LinkedIn, Facebook or Twitter.

About AG Real Estate
AG Real Estate, a wholly owned subsidiary of AG Insurance, is an integrated real estate operator active in Belgium, France, Luxembourg and on certain select European markets with expertise in different lines of business: Asset & Property Management, Development & Construction Management, PPP and real estate financing, as well as in Car Park Management through its subsidiary Interparking.

A city stakeholder, AG Real Estate has a workforce of more than 250 employees with varied profiles and skills.
With a portfolio under management (for its own account and on behalf of third parties) of more than €6.5 billion, AG Real Estate strives to address responsibly the new urban needs and is implementing a sustainable development policy to give even more sense to its projects.

For more information, please go to www.agrealestate.eu

About Interparking
Since 1958, Interparking is one of the leading European car park operators. Interparking designs, builds, operates and maintains high quality car parks across Europe.

Headquartered in Belgium, the company employs more than 2,500 employees and operates 949 car parks sites with c.415,000 parking spaces across 416 cities in nine countries. These include Belgium, the Netherlands, Spain, France, Italy, Poland and Romania and Interparking operates car parks in Germany and Austria under the brand Contipark.

Interparking is a CO2 neutral organisation.

For more information, please go to www.interparking.com