Stonepeak to Buy Chicago Parking Meter Lease for $2.5 Billion From Morgan Stanley Group
Updated
Updated · Bloomberg · Jun 26
Stonepeak to Buy Chicago Parking Meter Lease for $2.5 Billion From Morgan Stanley Group
3 articles · Updated · Bloomberg · Jun 26
Summary
$2.5 billion is the price Stonepeak Partners will pay for the remainder of Chicago’s parking meter lease, a figure disclosed at a contentious City Council meeting on Thursday.
Morgan Stanley’s Chicago Parking Meters LLC struck the sale agreement with Stonepeak last month, with the New York-based infrastructure investor now set to take over the lease if the deal clears.
Chicago is not a party to the transaction, but City Council approval is still required for the sale to go through.
The disclosed price is slightly below the $2.53 billion offer reported a day earlier and below the city’s own bid for the asset.