KKR has announced the acquisition of The Parking Spot (TPS), the nation’s largest owner and operator of near-airport parking assets, from an affiliate of Green Courte Partners, LLC, a private equity real estate investment business. The financial specifics of the purchase were not disclosed.

KKR has announced the acquisition of The Parking Spot (TPS), the nation’s largest owner and operator of near-airport parking assets, from an affiliate of Green Courte Partners, LLC, a private equity real estate investment business. The financial specifics of the purchase were not disclosed.

Green Courte Partners, LLC is a Chicago-based private equity real estate investment business that focusses on developing industry-leading enterprises in specialist real estate industries.

Founded in 1998, TPS is the leading supplier of near-airport parking operations in the United States, with 47 strategically positioned parking lots serving consumers from all major airports.

TPS facilities are designed to provide easy, inexpensive, and hassle-free transportation to and from airport terminals, and they include a variety of parking alternatives as well as dependable and recognisable shuttle services.

Morgan Stanley advised KKR on finance, while Green Courte received financial advice from Evercore

 Simpson Thacher Bartlett advised KKR on legal matters whilst DLA Piper advised Green Courte on legal issues.

KKR made this investment as part of its Global Infrastructure Strategy.

Deal amount has not disclosed.

Green Courte’s management stated that the company has contributed to the creation and extension of the TPS platform. TPS’s portfolio has grown to 47 properties since the acquisition of Green Courte, up from 17 in 2011. Green Courte’s strategic collaboration has assisted TPS in establishing unique technologies and a data-driven platform, hence improving TPS’s value offering. Green Courte will continue to own 15 near-airport parking lots now managed by The Parking Spot.

Parking infrastructure is undergoing development and attracting investment interest. On-demand (OD) mobility is gradually replacing traditional large-scale parking facilities.  On-demand mobility has begun to reduce the need for parking in cities throughout the world, and this trend is projected to continue as autonomous driving becomes more prevalent.

In future, on-demand mobility will be predominant and the trend will be driven by the  growth in the transformative force of data analytics and related software.

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