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Company News

CPPIB explores sale of 39% stake in car park manager Interparking - sources

MADRID/LONDON, Sept 24 (Reuters) - Canada’s pension fund CPPIB has hired U.S. investment bank Citi to explore the sale of its 39% stake in European car park manager Interparking, several sources close to the matter said.

The deal adds to a string of parking assets that have come to market over the past few years, amid difficulties by some pension funds and private equity firms to make a profit as people move towards owning fewer cars and relying more on ride-sharing.

Canada Pension Plan Investment Board, which in 2014 bought the Interparking stake for 376 million euros ($413.75 million), was not immediately available for comment, while Citi declined to comment. ($1 = 0.9088 euros) (Reporting by Andres Gonzalez, Arno Schuetze and Clara Denina, editing by Riham Alkousaa)

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