Li Ka-shing’s CKI expands airport parking footprint in Canada

Hong Kong tycoon Li Ka-shing’s Canadian airport car park operator Park’N Fly has acquired an indoor airport parking business for C$12 million.

Park’N Fly, 50 per cent-held by Li’s Cheung Kong Infrastructure (CKI), has bought a “valet indoor airport parking” business adjacent to the Winnipeg International Airport in central Canada, which is known for its extreme winter and summer climates that makes indoor parking useful for customers.

“The Winnipeg business is poised to immediately deliver strong and recurrent cash flow, generating a stable and predictable return for CKI,” said CKI group managing director Kam Hing-lam in an emailed statement.

“Backed by a strong financial platform, we will continue to seek acquisition opportunities that will further expand and enrich our investment portfolio.”

The deal will extend Park’N Fly’s footprint, which has already been providing parking facilities in Toronto, Vancouver, Montreal, Edmonton, Ottawa and Halifax.

The company is the largest and only national operator of off-airport car parks in Canada, offering over 22,400 car parking spaces over 180 acres (73 hectares) of land.

After building a large portfolio of infrastructure and energy businesses overseas in recent years, CKI and 38.9 per cent-held utility unit Power Assets are preparing to bid for a 51 per cent stake in Britain’s National Grid’s natural gas distribution network, which is estimated to be worth £10 billion, Bloomberg reported on September 22.