X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW YORK CITY-Macquarie Bank and three Australian pension funds have acquired a majority interest in Icon Parking Systems for approximately $634 million. Icon operates 192 parking lots here in Manhattan.

Macquarie’s US-based firm, Macquarie Infrastructure Group., counts among its holding an assemblage of off-airport car parks in the US. The company also runs tollroads including the Chicago Skyway Tollway. The company paid $618 million for Virginia’s Dulles Greenway turnpike in September.

The Sydney-based bank will pay $124.5 million cash for a 52.5% interest in Icon. The rest of the funds will account for the buyers’ assumption of the parking firm’s debt. The three funds teaming with the Australian banking concern are MTAA Superannuation Fund, the Australian Retirement Fund and Westscheme and Statewide Superannuation Trust.

“Icon Parking is a leading operator in the Manhattan off-street parking sector, holding a top-two market position by revenue and by number of locations,” says Macquarie Bank chief financial officer Greg Ward. Icon is owned by TMO Parent LLC, which is part-owned by Goldman Sachs’ Whitehall Street Real Estate Funds.

Macquarie manages or owns a $43-billion global portfolio through a mixture of listed and unlisted property trusts, unlisted development funds and property investment syndicates. The bank has nearly quadrupled its profits in the past three years.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.