- Eight Victorian assets - alongside one in New Zealand - are for sale
- Globally, one million cars a day are parked at a Care Park
- Company says the capital will be used for next phase of growth
Care Park, one of Australia’s largest car park owner-operators, is seeking to sell about $25 million worth of assets by divesting about 10% of their portfolio.
Eight of Care Park’s Victorian assets, along with another in New Zealand, are for sale either individually or together.
High profile sites in Melbourne include South Yarra, Abbotsford, St Kilda Road, Toorak Village and Flinders Street.
All the properties currently have long-term leases in place featuring strong trading history with a parking organisation that is globally recognised.
Nathan Mufale, Scott Hawthorne, JJ Heng and Scoot Orchard from CBRE have been designated with marketing the properties, which are currently being offered via international expressions of interest.
Robert Belteky, Care Park’s Managing Director, said the sites that are being taken to the market are all strong performers. He says this will allow the company to free up capital that will facilitate 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 1 million 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.”
Robert Belteky, Care Park Managing Director
Far East Consortium – which has spent almost 50 years on the Hong Kong stock exchange – is Care Park’s majority shareholder.
Mr Mufale of CBRE said investors are increasingly seeking assets with established covenants that provide solid income.
“Being named ‘Australia’s Parking Organisation of the Year’ in two of the last four years by industry body Parking Australia instils distinct levels of confidence in the business.”
“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.”
Nathan Mufale, CBRE
Fellow CBRE colleague Mr Hawthorne said he expects interest from a range of international and local buyers.
“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 (capital expenditure) and ongoing maintenance,” he said.
