Dutch pensions group APG has bought Canada Pension Plan Investment Board’s (CPPIB) 39% stake in European car park operator Interparking.

The €529bn asset manager said it has acquired the stake from CPPIB’s subsidiary CPP Investment Board Europe for an undisclosed amount.

AG Real Estate (AGRE) and Parkimo will maintain their stakes in Interparking, which owns and operates a portfolio of 949 car park sites in 416 cities across 9 countries.

CPP Investment paid €376m in July 2014 when it acquired the stake from AGRE, taking AGRE’s holdings to 51%. Parkimo, an existing shareholder, maintained its 10% holding in the company.

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 realise stable and long-term returns for Stichting Pensioenfonds ABP and other pension fund clients we work for.”

APG has been an active infrastructure investor since 2004, investing approximately €14bn to date and managing 32 direct stakes in portfolio companies.

Kanters said 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.

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, CEO 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.”