CPPIB exits Interparking to APG

Francesca Veronesi
24 October 2019

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APG, the Dutch pension fund, will acquire a 39% stake in Belgium-based parking garage operator Interparking from the Canadian pension fund Canada Pension Plan Investment Board (CPPIB).

APG is paying an equity price of €500-600m for the stake and the deal values the company at an enterprise value of around 14-16x EBITDA, a source close to the process told Inframation, Unquote's sister publication.

The company posted €148.7m in EBITDA in 2018.

AG Real Estate and Parkimo will retain their current stakes in the company.

APG manages around €529bn in pension assets. Interparking is the fourth direct investment managed by the pension fund recorded by Unquote Data.

This is the second large-cap sale in the parking space in 2019, as Ardian divested Indigo to Mirova and Meag in March.

Previous funding
CPPIB's subsidiary, CPP Investment Board European Holdings (CPPIBEH) invested approximately €376m for a 39% stake in Interparking in 2016. It acquired the stake from AG Real Estate (AGRE), taking AGRE's holding down to 51%. Parkimo, an existing shareholder, maintained its 10% holding in the company.

The deal was valued at €1.4bn, according to a report from Belgian news channel De Tijd published in June.

Company
Founded in 1956 and based in Brussels, Interparking, which operates 949 sites, recorded sales of €463.5m in 2018.

The business is active in Belgium, the Netherlands, Spain, France, Italy, Poland and Romania. In Germany and Austria, it acts under the name Contipark.

People
APG – Patrick Kanters (managing director global real assets).
Canada Pension Plan Investment Board – Scott Lawrence (managing director, head of infrastructure).
Interparking – Roland Cracco (CEO).

Advisers
Equity – Rothschild (corporate finance); Weil Gotshal & Manges (legal); Clifford Chance (legal); PwC (financial due diligence, tax, IT due diligence); Roland Berger (commercial due diligence).
Vendor – Citi (corporate finance); Freshfields Bruckhaus Deringer (legal); KPMG (financial due diligence, tax); BCG (commercial due diligence); Arcadis (strategic due diligence).