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Park 'N Fly Airport Parking

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From Wikipedia, the free encyclopedia
Not to be confused with Park 'N Fly, an American company with the same name.
Park 'N Fly Canada Airport Parking
Company typeSubsidiary
IndustryParking
Headquarters5905 Campus Road,
Mississauga, Ontario
Area served
Canada
Key people
Carlo Marrello, CEO
OwnerCK Hutchison Holdings
Websitewww.parknfly.ca

Park'N Fly Airport Parking, also known as Park'N Fly, is a Canadian airport parking operator based in Mississauga, Ontario.[1] It is the largest and only national operator for off-airport car parks in Canada.[2][3] Park'N Fly is currently owned by CK Hutchison Holdings, a conglomerate in Hong Kong.[4][5]

History

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Park'N Fly began its business operations in Canada.[2] It is the largest Canadian operator of off-airport car parks, providing 22,400 car parking spaces over 180 acres of land.[3][6]

In May 2014, Park'N Fly was acquired by two subsidiaries of Hutchison Whampoa.[7] The joint venture allocated ownership between Cheung Kong Holdings and Cheung Kong Infrastructure, both controlled by Hong Kong business magnate Li Ka-shing. As part of the agreement, each party holds a 50% interest in the assets of Park'N Fly.[8] This agreement also included the licensing rights of its brand name to Halifax International Airport Authority, which started since 2005.[9] The transaction was estimated to be worth $397.5 million in Canadian currency ($366 million US).[10] Prior to the acquisition, Park'N Fly was previously owned by BRL Realty, RNE Realty and Park'N Fly Partnership.[11]

The acquisition was officially finalized in July 2014.[12][13] Subsequently, Carlo Marrello became the new CEO of Park'N Fly.[14][15]

Locations

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Park'N Fly offers economy, self-park and valet parking services at seven major airports in Canada, including the cities of Vancouver, Edmonton, Winnipeg, Toronto, Ottawa, Montreal and Halifax. All parking locations are offsite and near the major international airports in Canada.[8][16]

References

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  1. ^ "Ontario firm acquires airport parking provider". Winnipeg Free Press. 2016-12-01. Retrieved 2019-02-06.
  2. ^ a b "Hong Kong investor group acquires Park'N Fly business". Lexpert Magazine. November/December 2014. 2014-07-25.
  3. ^ a b "Li Ka-shing's CKI expands airport parking footprint in Canada". South China Morning Post. Retrieved 2018-03-18.
  4. ^ "Billionaire Li's units to buy Canada assets for C$347.6 m". Macau Daily Times. 2014-05-29. Retrieved 2019-02-06.
  5. ^ "CK Hutchison Holdings Limited - Our Businesses > Infrastructure". www.ckh.com.hk. Retrieved 2018-06-22.
  6. ^ "CKI-led Joint Venture" (PDF). Retrieved 2019-02-06.
  7. ^ "Hutchison says CKI venture to buy Canada off-airport parking firm for $366 mln". Reuters. 2014-05-27. Retrieved 2019-02-06.
  8. ^ a b "Li-controlled companies buy Canadian parking firm for HK$2.48b". South China Morning Post. Retrieved 2018-03-18.
  9. ^ "Halifax Stanfield International Airport Economic Impacts 2007" (PDF). Halifax Stanfield International Airport. Retrieved 2019-02-06.
  10. ^ "Li Ka-shing firms buy Canadian parking lot operator". EJ Insight. 2019-05-29. Retrieved 2019-02-06.
  11. ^ "Archived — Decisions — June 2014". Government of Canada. Retrieved 2019-02-06.
  12. ^ "Monthly report of concluded merger reviews". Government of Canada. 25 April 2005. Retrieved 2019-02-06.
  13. ^ "Hong Kong's Li Ka-shing to buy Britain's O2: reports". The Business Times. 2015-01-23. Retrieved 2019-02-06.
  14. ^ "Cheung Kong Infrastructure (1038:Stock Exchange Of Hong Kong Limited)". Bloomberg. Retrieved 2019-02-06.
  15. ^ "CK Infrastructure Holdings Ltd (CKISY.PK)". Reuters. Retrieved 2019-02-06.
  16. ^ "誠哥做加拿大「泊車仔」 收購機場代客泊車業務". 香港01. 2016-10-04. Retrieved 2019-02-06.
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