The Grosvenor Group is investing in the US car park sector.
The company’s Indirect Investments team is partnering with US-based Stockdale Capital Partners and Ace Parking Management to invest in the sector.
The partnership will buy, own and manage parking structures and surface lots across the US Southwest.
Daniel Michaels, managing director at Stockdale, said: “Parking assets are a highly fragmented, often under-brokered sub-market with very little institutional ownership today.
“We already have a solid initial pipeline of opportunities and will soon announce our first transactions for the programme.”
The partnership will target income-producing parking garages in infill, high-traffic sub-markets and garages attached to hotels and office buildings.
The partnership will also consider surface lots in supply-constrained markets where parking operations can be executed.
Ace Parking, which manages more than 500 off-street parking locations, will provide day-to-day management of assets for the partnership.