This article is from the Australian Property Journal archive
AMP Capital and Northleaf Capital Partners have acquired the largest underground parking system in the United States, Millennium Garages, from LMG2 for US$370 million.
Millennium Garages includes 9,176 parking spaces in four underground parking garages underneath Millennium, Grant and Maggie Daley Parks. The facility is approximately 3.8 million square feet and extends from Van Buren St to Randolph St and in parts from Michigan Avenue to Lake Shore Drive.
AMP Capital head of Americas infrastructure Dylan Foo said Millennium Garages is the first North American asset for AMP Capital’s global infrastructure platform and fits perfectly with the platform’s mandate to invest in sectors offering the best relative value such as transport.
“Millennium Garages offers 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 concession agreement,” he added.
Northleaf managing director and co-head of infrastructure George Zakem said direct investments in conservatively-positioned infrastructure assets such as Millennium Garages are consistent with Northleaf’s investment strategy.
Australian Property Journal
