Melbourne, 15 March 2021
One of Australia’s largest car park owner operators, Care Park, is divesting eight of its Victorian assets and another in New Zealand, worth over $25 million in sales, representing less than 10% of the group’s property portfolio.
The properties are being sold individually or together, and include car park complexes in Toorak Village, South Yarra, Abbotsford, St Kilda Road, Flinders Street in Melbourne’s CBD and in major Victorian regional cities.
CBRE’s Nathan Mufale, Scott Hawthorne, JJ Heng, and Scott Orchard have been appointed to market the properties, which are being offered via International Expressions of Interest.
With long-term leases in place on each of the properties, the respective investment offerings all feature established trading histories with a globally recognised parking organisation.
Care Park’s Managing Director, Robert Belteky said; “The sites we’ve chosen to take to market are all strong performing businesses that will help us free up capital and underpin the next growth phase of the business globally.”
“We are looking to grow our portfolio globally given the industry has proven to be robust since we started 25 years ago. Australia is one of the most motorised countries in the world with most households having at least 2 cars if not more. Our operations park over 1million cars daily.”
“Care Park was established 25 years ago with only one car park acquisition and grown today with operations globally including New Zealand, Malaysia, United Kingdom and Europe” Mr Belteky added.
Care Park’s majority shareholder is Far East Consortium, who have been listed on the Hong Kong Stock Exchange since 1972.
“Being named ‘Australia’s Parking Organisation of the Year’ in two of the last four years by industry body Parking Australia instills distinct levels of confidence in the business”, added Nathan Mufale.
Mr Mufale said; “Investors are seeking assets with trusted covenants, providing certainty of income.”
“The income security offered by this recognised, trusted and market leading operator will appeal to buyers looking for a solid long term and low maintenance investment,” he added.
Mr Hawthorne said, “We expect interest from a range of international and local buyers, given the strength of the global brand.”
“We are witnessing investors seeking more attractive returns than they can achieve in the bank and other comparable investments. Car parks are sound investments, they require such low levels of CAPEX and ongoing maintenance,” he added.
Expressions of Interest for the portfolio are due in May 2021.
Contact:
Alex O’Neil
Communications Manager
+61 438 997 970
