AMP and JV firm snap up US$370m North American assets



AMP Capital and Northleaf have inked a US$370 million deal to acquire the largest underground parking system in the US, Chicago's Millennium Garages.
The deal would be the first North American asset for AMP Capital's global infrastructure platform, according to AMP Capital.
AMP Capital and its Canadian joint venture firm, Northleaf Capital, were buying Chicago Downtown Public Parking System (Millennium Garages) with "exclusive rights and responsibilities to operate, manage, maintain and collect parking fees and other revenues in connection with the Millennium Garages system", AMP Capital said.
AMP Capital head of Americas Infrastructure, Dylan Food said it "fit perfectly with the platform's mandate to invest in sectors offering the best relative value."
He said, it offered "exciting growth potential for our investors due to the strength of Chicago's economic and demographic factors, stable and predictable cash flows and strong protections through the concessional agreement".
Northleaf managing director and co-head of infrastructure, George Zakem, said the new assets offered "significant potential for stable cash flows and attractive long-term returns for investors".
Millennium Garages included 9,176 parking spaces in four underground parking stations, and was approximately 3.8 million square feet, AMP Capital said.
Recommended for you
Retailisation of private markets such as evergreen funds may seem like appealing options for wholesale and retail investors, but providers risk undermining trust if their products are unclear.
Ethical investment manager Australian Ethical has seen its funds under management rise by a third over FY25 to close out the year at $13.9 billion.
BlackRock Australia’s head of intermediary distribution James Waterworth has taken up a new distribution role at an alternative asset manager, while Antipodes has hired a distribution director.
BlackRock’s iShares ETFs have reported a record first half for inflows, gaining US$192 billion in the past six months, to see overall ETF assets under management rise to US$4.7 trillion as it launches its first active ETF in Australia.