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CPPIB Invests in Parking Garages in Belgium and Germany

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The Canada Pension Plan Investment Board (CPPIB), through CPP Investment Board European Holdings S.àr.l, has signed an agreement to invest approximately €376 million for a 39% stake in Interparking Group S.A./NV. This deal was announced on July 18, 2014. Brussels-based Interparking is one of Europe’s biggest car parking management companies. Founded in 1958, Interparking has a massive portfolio of 657 car parks spread among 350 cities. However, most of the property assets are in Belgium and Germany. Increasingly, long-term public investors are making bids on real assets that offer stable cash flows.

The CPPIB is buying the stake from AG Real Estate, part of AG Insurance. AG Real Estate is the largest real estate group in Belgium with a diversified portfolio approaching a valuation of €6 billion. The future ownership model for Interparking is: AG Real Estate at 51%, CPPIB at 39% and PARKIMO at 10% ownership.

“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 André Bourbonnais, Senior Vice-President, Head of Private Investments, CPPIB in a press release. “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.”

Morgan Stanley was the financial advisor for AG Real Estate. Linklaters LLP was the legal advisor for AG Real Estate. Citigroup was the financial advisor for the CPPIB.

Johnson Controls Sells Battery Unit to Brookfield and CDPQ

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Brookfield Business Partners L.P. and Caisse de dépôt et placement du Québec (CDPQ), announced that they have reached an agreement whereby Brookfield and CDPQ will acquire 100% of Johnson Controls’ Power Solutions business for in a cash valued transaction valued at approximately US$ 13.2 billion. Brookfield Business Partners is the flagship listed business services and industrials company of Brookfield Asset Management Inc. Closing of the transaction remains subject to customary closing conditions including regulatory approvals. Closing is expected to occur by June 30, 2019. The seller is Johnson Controls International plc. The unit employees roughly 15,000 people.

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MAS Seeks to Commit $5 Billion to Private Equity and Infrastructure Managers

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From U.S. pension funds to asset-heavy sovereign wealth funds, Singapore is calculating that more institutional investor assets globally are being committed to the Asia region. The Monetary Authority of Singapore (MAS), Singapore’s central bank, signaled and planned to commit US$ 5 billion with locally-based fund managers who will invest in private enterprises and infrastructure projects. The beneficiaries of the mandates will be private equity and infrastructure fund managers. MAS is seeking to lure top global asset managers to Singapore and firms that have a significant footprint in Singapore could be eligible for the funds. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Ivanhoe Cambridge Acquires Cap Ampere Campus from Natixis

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In one of the largest transactions in the French office sector, Ivanhoé Cambridge, real estate subsidiary of Caisse de dépôt et placement du Québec (CDPQ), has acquired a 90,000 square meter office-building campus from Natixis, in the Greater Paris area of Saint-Denis Pleyel. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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