A joint venture led by Cheung Kong Infrastructure Holdings Limited (CKI) of Hong Kong has seen the acquisition of assets and related land holdings of Park’N Fly in Canada.
The joint venture consists of CKI and Cheung Kong (Holdings) Limited (CKH), each owning a 50% interest.
Park’N Fly is the largest off-airport parking company in Canada, with locations in Toronto, Montreal, Edmonton and Ottawa. It also conducts business in Vancouver through a joint venture and licenses its brand name to the Halifax International Airport Authority for use of its off-airport car park.
The joint venture will first acquire the operations in Toronto, Montreal, Edmonton and Ottawa, as well as the license agreement with HIAA. The transaction is reportedly worth approximately $347.6 million. Completion of the deal is expected to take place in mid-July.
Commenting on the acquisition, H. L. Kam, group managing director of CKI, said, “We are pleased to have the opportunity to acquire a business which fits well into our transportation infrastructure portfolio and is situated in a country whose business environment we are familiar with.”