GreenPoint Partners, a New York-based alternatives firm, has expanded its European mobility logistics platform via the £305 mln (€343 mln) acquisition of a UK car park portfolio of 37 assets.
The firm, which says it invests at the ‘intersection of real assets, technology and sustainability’ has made the acquisition with investors Ivanhoé Cambridge, Greater Manchester Pension Fund and GCM Grosvenor on behalf of its clients. The seller is Davidson Kempner, which has owned the portfolio since the end of 2016 according to reports at the time.
This marks the third investment between GreenPoint and Ivanhoé Cambridge, the first within the firm’s Real Estate Private Equity platform.
The firm announced its Real Estate PE platform in May 2022, with initial investments at the forefront of decarbonization, advance fulfillment, delivery and parking solutions. GreenPoint has previously invested in and partnered with UK-based operator Infinium Logistics, to build out a portfolio of final mile logistics assets incorporating critical charging infrastructure across Europe.
The portfolio contains 37 car park facilities in city center locations across the UK, comprising nearly 15,000 spaces with a concentration in major cities including London, Manchester, Liverpool, Bristol and Birmingham.
The portfolio is primarily operated by NCP, the UK’s largest car park operator.
GreenPoint intends to work with NCP to enhance operations, implement new electric vehicle infrastructure and introduce technology-enabled services to the portfolio.
The firm announced its Real Estate PE platform in May 2022, with initial investments at the forefront of decarbonization, advance fulfillment, delivery and parking solutions. GreenPoint has previously invested in and partnered with UK-based operator Infinium Logistics, to build out a portfolio of final mile logistics assets incorporating critical charging infrastructure across Europe.
Chris Green, founder and CEO, said: ‘We are excited to expand our European mobility logistics platform with such a high-quality portfolio of metro locations,” Alongside our existing relationship with Infinium Logistics, we are building a portfolio of high quality mobility logistics assets that over-time can also play an important role in the decarbonization of transportation.’
Alexander Çakir, partner and co-head of real estate, added; ‘In a more challenging macroeconomic environment, the importance of innovative and reliable mobility and logistics-oriented solutions is essential for businesses, individuals and governments alike.’
Gerald Cooney, chair of Greater Manchester Pension Fund, said: ‘At GMPF, we are dedicated to being a long-term, responsible investor in businesses that have a positive impact for our members and communities, and we look forward to working with GreenPoint to deliver mobility and logistics solutions across the UK.’
