|By Marketwired .||
|July 18, 2014 02:40 PM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 07/18/14 -- Canada Pension Plan Investment Board (CPPIB) announced today that its wholly-owned subsidiary, CPP Investment Board European Holdings S.ar.l (CPPIBEH), has signed an agreement to invest approximately EUR376 million for a 39% stake in Interparking, one of Europe's largest car park management companies. CPPIBEH will acquire the stake from AG Real Estate (AGRE), taking AGRE's holdings to 51%. PARKIMO, an existing shareholder, will maintain its 10% holding in the company.
Based in Brussels, with operations across nine countries in Europe, Interparking has a portfolio consisting of 657 car parks in 350 cities, with leading market shares in Belgium and Germany.
"We are pleased to make our first investment in the European car parking sector through this excellent opportunity to invest in a first-class car park platform alongside AG Real Estate and PARKIMO," said Andre Bourbonnais, Senior Vice-President, Head of Private Investments, CPPIB. "Interparking is a good fit with our infrastructure program because of the relatively stable, predictable cash flows available through its geographically diversified portfolio of high quality car parks, and this aligns well with CPPIB's exceptional long-term investment horizon."
"We are delighted to have CPPIB on board as our partner and long-term investor in Interparking," said Antonio Cano, Chief Executive Officer of AG Insurance and Chairman of the Board of AG Real Estate. "By joining forces, we will be providing the company, its management and its staff with renewed impetus for growth."
The transaction is subject to customary closing conditions and regulatory approvals from the competition authorities.
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 on behalf of 18 million Canadian contributors and beneficiaries. In order to build a diversified portfolio of CPP assets, CPPIB invests in public equities, private equities, real estate, infrastructure and fixed income instruments. Headquartered in Toronto, with offices in Hong Kong, London, New York City and Sao Paulo, CPPIB is governed and managed independently of the Canada Pension Plan and at arm's length from governments. At March 31, 2014, the CPP Fund totalled C$219.1 billion. For more information about CPPIB, please visit www.cppib.com.
ABOUT AG REAL ESTATE
AG Real Estate, a wholly owned subsidiary of AG Insurance, is active in multiple key real estate-related areas: asset and property management, development and construction management, PPP & real estate finance and car park management via its subsidiary Interparking. AG Real Estate also manages an investment portfolio, both for itself and for external clients, currently valued at nearly EUR6 billion.
The company employs a staff of over 200 with a wide range of skills and profiles, with another 2,300 employed in car park management across nine different European countries.
In addition to its many completed projects and references, these in-house competencies are AG Real Estate's greatest asset and the key to its continued success.
For more information, go to www.agrealestate.eu.
Dec. 6, 2016 02:30 PM EST Reads: 3,311
Dec. 6, 2016 02:30 PM EST Reads: 2,191
Dec. 6, 2016 02:15 PM EST Reads: 1,730
Dec. 6, 2016 02:15 PM EST Reads: 2,238
Dec. 6, 2016 02:00 PM EST Reads: 264
Dec. 6, 2016 02:00 PM EST Reads: 626
Dec. 6, 2016 02:00 PM EST Reads: 200
Dec. 6, 2016 01:45 PM EST Reads: 1,044
Dec. 6, 2016 01:30 PM EST Reads: 2,155
Dec. 6, 2016 01:30 PM EST Reads: 411
Dec. 6, 2016 12:30 PM EST Reads: 2,100
Dec. 6, 2016 12:30 PM EST Reads: 1,017
Dec. 6, 2016 12:28 PM EST Reads: 231
Dec. 6, 2016 11:30 AM EST Reads: 1,024
"At ROHA we develop an app called Catcha. It was developed after we spent a year meeting with, talking to, interacting with senior citizens watching them use their smartphones and talking to them about how they use their smartphones so we could get to know their smartphone behavior," explained Dave Woods, Chief Innovation Officer at ROHA, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 6, 2016 11:15 AM EST Reads: 470