International Parking Group
Planum Partners was financial advisor on the refinancing of IPG’s existing debt facilities. The new facilities consist of bank debt provided by the existing lender Commonwealth Bank of Australia, the additional of new lender Westpac and long-term institutional debt from First State Super.
The additional funds will enable IPG, which is backed by Prime Super and Colonial First State Global Asset Management, to expand its portfolio. IPG owns and operates nine hospital car park concessions with an additional three car parks under development at Herston Quarter, a $1.1 billion world-class health precinct in Brisbane.
The financing includes the purchase of the new 154 bay carpark at the San Clinic Parkway, adjacent to the Sydney Adventist Hospital. This will be the first private hospital car park in IPG’s portfolio.