GLOBAL - The Ontario Teachers Pension Plan, one of the largest real estate investors in North America, said it would acquire Imperial Parking Corporation (Impark), which manages parking spaces in Canada and the US.
Terms for the deal have not been disclosed.
The acquisition is part of Ontario Teachers' decision to buy Babcock & Brown Gates Parking Investments (BBGPI), which includes Vancouver-based Imperial Parking Corporation (Impark).
BBGPI is a joint venture between Gates Group Capital, a private equity house based in Cleveland, and London-based Global Partners Fund.
The deal, which the company expects to close by year-end, is subject to regulatory approval.
According to Lee Sienna, vice-president of the long-term equities division, given Impark's leading position in the market, the company is an "excellent fit with our investment criteria of providing reliable income streams, consistent performance and growth opportunities".
The long-term equities division, which spearheaded the deal, focuses on direct investments that generate steady cash flow, long-term growth potential and low-to-moderate risk, the company said.
Impark chief executive Allan Copping said the investment would help the firm introduce "innovative parking solutions" and help make further investments in the technology, operations and staff.
Impark currently leases or manages more than 2,000 parking locations, consisting of more than 400,000 parking spaces, in over 25 markets throughout Canada and the US.
With $107.5bn (€69.4bn) in assets, Ontario Teachers is the largest single-profession pension plan in Canada. It invests the pension fund's assets and administers the pensions of 295,000 active and retired teachers in Ontario.
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