International Parking Group (IPG), backed by Prime Super and First Sentier Investors, has acquired what is Australia’s largest hospital car park from Lendlease and Catholic Super.
IPG acquired the Queen Elizabeth II Medical Centre Car Park in Perth and is understood to have paid about A$200m (€123m).
Mario Tritsiniotis, managing director, Planum Partners, told IPE Real Assets: “This is a significant addition to IPG’s portfolio of car parks. IPG is a key client and we are pleased we could assist in the bid and completion of the acquisition.”
The agreement gives IPG the right to operate more than 5,000 parking bays, including a new multi-deck facility completed in 2013, across the medical centre on a long-term concession.
The Queen Elizabeth II Medical Centre catering to more than 40 health-related organisations, is the largest medical centre in the Southern Hemisphere.
IPG currently holds freehold interest and long-term concessions for more than 10,000 car park spaces at 10 hospital sites across Australia.