HK's Cheung Kong venture to buy Canada off-airport parking firm
Published on May 28, 2014 9:49 AM
HONG KONG (Reuters) - Li Ka-shing's Hutchison Whampoa conglomerate said two companies controlled by the tycoon have teamed up to buy a Canadian off-airport car park operator for C$397.5 million (S$459.5 million) as Asia's richest man continues to invest abroad.
The deal sees Hutchison's Cheung Kong Infrastructure Holdings (CKI) and property group Cheung Kong Holdings pair up to extend a strategy of investing in infrastructure opportunities around the world, Hutchison said in a filing to the Hong Kong bourse early on Wednesday. CKI will fund the deal by internal resources.
The pair are buying the Park'N Fly off-airport parking business, operating in Toronto, Montreal, Edmonton, Ottawa and Vancouver, from a group of Canadian investors. These included BRL Realty Ltd, 1250353 Ontario Ltd, RNE Realty Ltd, Park'N Fly Partnership, and 1420291 Alberta Ltd.
The deal came less than a month after CKI joined forces with Cheung Kong and Power Assets to launch an unsolicited US$1.8 billion (S$2.3 billion) takeover offer to buy the remaining shares in Australian gas distributor Envestra.