NEW YORK, Oct 22 — Morgan Stanley Investment Management (MSIM), through investment funds managed by Morgan Stanley Infrastructure Partners (MSIP), its private infrastructure investment platform, together with its partners Allianz and a wholly owned subsidiary of the Abu Dhabi Investment Authority today announced the completion of the sale of Chicago Parking Meters, LLC (CPM) to Stonepeak.
CPM is responsible for the operation, management, and maintenance of Chicago’s on‐street metered parking system, with more than 38,000 metered parking spaces, including nearly 10,000 in downtown Chicago. Since inception, CPM has invested heavily in upgrading and modernizing the City’s infrastructure, including by installing state-of-the-art electronic pay stations, establishing a 24‐hour customer service center and introducing the ParkChicago® app.
“Over the course of our ownership in CPM, MSIP has been able to execute on key value creation levers and grow the business into a leading parking concession with best-in-class management, technology and operations,” said Jim Wilmott, Managing Director for MSIP.
Evercore acted as financial advisor, A&O Shearman acted as transaction counsel and Winston Taylor served as special regulatory counsel to MSIP and its partners on the transaction.