GE Real Estate-backed firm sells parking platform

LAZ Parking has acquired 89 parking contracts from GE Capital Real Estate-owned InterPark. InterPark CFO Douglas Poirier says the sale is a ‘strategic shift’ for the company away from service-oriented businesses toward real estate ownership.

Vinci Park, the parking management arm of French construction conglomerate Vinci, has expanded its platform in the US, acquiring and additional 89 parking management contracts that make it one of the four biggest parking operators in the US, according to a press release.

The contracts cover a total of approximately 30,500 parking spaces, which are managed through long-term leases or service contracts. They are located in several large Eastern US cities, including Philadelphia, Washington DC and Atlanta.

InterPark, a parking management firm owned by GE Capital Real Estate, sold the contracts.

“It was a strategic shift in direction for InterPark,” said Douglas Poirier, chief executive officer of InterPark. “We’re focusing on real estate and asset management in those markets.” Parking, he added, is more of a service business, as opposed to a real estate ownership business.

Poirier declined to disclose the value of the contracts.

Vinci acquired the contracts via its 50 percent-owned American subsidiary LAZ Parking. Vinci Park has held an interest in LAZ since 2007, when the company managed 225,000 parking spaces. Today, LAZ manages 435,000 parking spaces, according to the release.

All together, Vinci Park today manages 1,280,000 parking spaces and more than 2,400 parking facilities in 12 European countries and North America, according to the release.