NEW YORK–A consortium led by TIAA Private Investments and Antarctica Capital (“Antarctica”) 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 (“Silverpeak”), 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.
“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,” said Marietta Moshiashvili, Managing Director and Head of Energy & Infrastructure Asset Management at TIAA Private Investments.
“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,” added Mario Maselli, Senior Director and Deputy Head of Energy & Infrastructure Asset Management, TIAA Private Investments.
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.
“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,” said Chandra R. Patel, Managing Partner of Antarctica Capital.
“InterPark’s assets provide compelling opportunities to benefit from strong urbanization and urban core densification trends and we look forward to continue the growth of this exceptional portfolio of parking assets,” said Philipp Klingelhofer, Managing Director of Antarctica Capital.
“The InterPark investment has the elements of real assets and stable cash flows along with growth potential, which all fit into CIC Capital’s infrastructure investment strategy. We are pleased to work with such a strong group of like-minded investors from the U.S. and around the world,” said Qing Zhang, Executive Vice President of CIC Capital Corporation.
“We believe infrastructure investment can offer a welcome addition to a balanced and diversified portfolio. This transaction marks a big step for our firm, extending our global partnership with like-minded investors,” said Fengming Zhang, President of China Life Investment Holding Company Limited.
“This investment in U.S. parking infrastructure further diversifies our portfolio and helps us generate sustainable, calculable cash-flows that make a valuable contribution to covering Munich Re’s liabilities. The U.S. market is a clear focus area for MEAG reflecting Munich Re’s substantial core business in North America,” says MEAG Managing Director Holger Kerzel.
“We are glad to be part of the strong international consortium that is buying InterPark. All investors have been contributing actively to the completion of the transaction,” said PFA’s Chief Investment Officer Henrik Nøhr Poulsen.
“We are excited to write the next chapter of InterPark’s history with our new owners, which represent an impressive group of institutional investors that bring new capabilities to our growth strategy,” said Marshall Peck, CEO of InterPark.
About TIAA Private Investments and Nuveen
TIAA Private Investments has over 20 years of project finance, debt and equity investing experience in the infrastructure space. Its portfolio of private energy, infrastructure and project finance investments focuses on a wide range of opportunities in the energy, transportation, water services and communication sectors, totaling $7.4 billion as of 3/31/17.
Nuveen offers a comprehensive range of outcome-focused investment solutions designed to secure the long-term financial goals of institutional and individual investors. As the asset management arm of TIAA, Nuveen has $906 billion in assets under management as of 3/31/17 and operations in 16 countries. Its affiliates offer deep expertise across a comprehensive range of traditional and alternative investments through a wide array of vehicles and customized strategies. For more information, please visit www.nuveen.com.
About Antarctica Capital
Antarctica Capital is a global investment firm headquartered in New York. Antarctica is dedicated to investments in global infrastructure, real estate and financial services. Antarctica’s investment approach is centered on partnering with leading management teams to achieve operational improvements and optimizing financial structuring to improve the risk/return characteristics of assets. The firm’s SIGA® strategy originates and optimizes secure income and growth assets (SIGA®) for liability matching and other institutional investor requirements. This strategy is managed by Antarctica Investment Advisers, an affiliate of Antarctica.
About Silverpeak Real Estate Partners
Silverpeak Real Estate Partners is a privately-held real estate investment and advisory business headquartered in New York, with additional offices in Atlanta and London. Since its formation in 2010, Silverpeak, together with operating and capital partners, has acquired approximately $10 billion of gross asset value in more than 150 transactions across various property types and U.S. geographic regions. In addition, Silverpeak actively manages over $2.4 billion in gross asset value on behalf of three opportunistic real estate private equity funds (as of March 31, 2017).
About CIC Capital Corporation
CIC Capital, a wholly owned subsidiary of China Investment Corporation (CIC), was incorporated in January 2015. As CIC’s direct investment arm, CIC Capital is mandated to make direct investments and manage bilateral and multilateral fund investments in order to pursue long-term financial returns. As China’s sovereign wealth fund, CIC was established in September 2007 with a mandate to seek maximum returns for its shareholder within acceptable risk tolerance.
About China Life Investment Holding Company Limited
China Life Investment Holding Company Limited was founded in early 2007, headquartered in Beijing. The company serves as the professional alternative investment and management company within China Life Group. With current asset under management of over CNY 220 billion, the company dedicates to investment in many fields, including private equity, infrastructure, commercial real estate, healthcare and senior care, etc.
MEAG stands for best practice asset management for Munich Re and ERGO. MEAG has representations in Europe, Asia and North America and also offers its extensive know-how to institutional investors and private clients from outside the Group. MEAG currently manages assets to the value of around € 258 billion. As part of Munich Re, MEAG has access to the broad know-how pool of a global insurer which is leveraged in the various steps of the investment process.
PFA Pension was founded in 1917 as an independent company by a number of labor organizations, with the sole purpose of ensuring a financially secure future for the employees and their families. Today, PFA has approximately 1.2 million individual customers from a wide range of the largest companies and organizations in Denmark. And the ambition hasn’t changed – our focus has always been, and still is, to create maximum value for our customers. PFA is the largest commercial pension company in Denmark with total assets of around € 83 billion.
About Alinda Capital Partners
Alinda Capital Partners is one of the world’s largest and most experienced infrastructure investment firms. Alinda is a long-term investor in infrastructure assets that provide essential services to communities. Alinda has $10 billion of assets under management and has invested in infrastructure businesses that operate in 33 states in the United States as well as in Canada, the United Kingdom, the Netherlands, Belgium and Poland. These businesses serve over 100 million customers annually in more than 550 cities globally, and are run by a workforce of over 80,000 people. For more information, please visit www.alinda.com.
Nuveen, LLC, formerly known as TIAA Global Asset Management, delivers the expertise of TIAA Investments and its independent investment affiliates.