Northleaf, AMP Capital close deal to acquire Chicago’s Millennium Garages for US$370M
Northleaf Capital Partners (Northleaf) and AMP Capital have reached financial close on a transaction to acquire the largest underground parking system in the United States, Chicago Downtown Public Parking System (Millennium Garages), from LMG2, LLC through a newly-established joint venture.
The US$370 million acquisition gives the Northleaf/AMP Capital joint venture exclusive concessionaire rights and responsibilities to operate, manage, maintain and collect parking fees and other revenues in connection with the Millennium Garages system.
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 Street to Randolph Street and in parts from Michigan Avenue to Lake Shore Drive.
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 and offer significant potential for stable cash flows and attractive long-term returns for our investors.”