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Macquarie parks another asset in New York

Macquarie parks another asset in New York

(18 November 2005 – USA) Macquarie Bank has bought a 52.5 percent stake in a New York car park company for US$124.5 million. Macquarie led a consortium including four Australian industry pension funds which paid US$237 million in equity for the TMO Parent LLC, which is an off street car park company operating as Icon Parking Systems.

"The consortium will explore a range of options for Icon Parking, including its inclusion in a potential IPO of a Macquarie managed fund in 2006," the bank said.

Icon Parking is a 58 year old company which owns and operates 192 off street car parks in New York, of which all bar three are located in Manhattan. It is one of the two largest car park operators in the market.

"The sector has demonstrated average historic growth rates above inflation," the bank said.

Last week Macquarie announced a half year profit of A$482 million, an 88 percent increase over the previous half.

The bank’s result was built on strong equity markets and massive offshore expansion, which is now responsible for three quarters of all of its advisory deals.

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