Prime Super has purchased a 20.8 per cent stake in International Parking Group (IPG) from the JF Infrastructure Yield Fund.
IPG consists of a portfolio of nine hospital car parks valued at $180 million. The portfolio generates gross annual revenues of about $32 million.
The $1 billion public offer super fund has no plans to expand its interest in the group further.
"Not at the moment; it is about the right size for the portfolio," Prime Super chief executive Lachlan Baird said yesterday.
"But we will be looking out for other opportunities."
Prime Super was advised on the acquisitions by Access Capital Advisers.
Although an acquisition price has not been made public, Access said it was able to negotiate a good price.
"This acquisition for Prime Super was undertaken at a significant discount to intrinsic value and represents excellent value," Access Capital partner Tom Snow said.
"Access' strong network and ability to execute promptly meant that we were able to negotiate extremely favourable terms for our client."
The car parks are structured as build, own, operate and transfer schemes and are located in New South Wales and Queensland.
Other stakeholders in IPG are Colonial First State Global Asset Management, which holds about 37 per cent, and AustralianSuper, which holds about 42 per cent.
