(Reuters) - Canada Pension Plan Investment Board (CPPIB) said on Wednesday it would sell its 39% stake in European car park manager Interparking to Dutch pension fund APG.
Pension funds and private equity firms are looking to offload their unprofitable parking assets as people reduce car ownership and rely more on ride-sharing.
Reuters reported last month that CPPIB had hired U.S. investment bank Citi (C.N) to explore the sale of its stake.
Financial terms of the deal were not disclosed
CPPIB bought the minority stake for 376 million euros ($413.75 million) in 2014 from Belgium-based AG Real Estate, which still holds 51%.
AG Real Estate and Parkimo will keep their current stake in Interparking, the company said.
The Interparking Group has more than 800 car parks in nine countries, with leading market shares in Belgium, The Netherlands and Germany.
Its turnover in 2018 was 463.5 million euros and earnings before interest, taxes, depreciation and amortization (EBITDA) touched 148.7 million euros.
Reporting by Sanjana Shivdas in Bengaluru; Editing by Anil D'Silva