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Note: The city of Pittsburgh has selected JP Morgan and LAZ Parking's offer of $451.7 million for a 50-year lease of its parking meters
The city of Pittsburgh has selected JP Morgan Asset Management and LAZ Parking's offer of $451.7 million for a 50-year lease of its parking meters as its preferred bid. The winner beat a $423.1 million offer from EQT Partners and Central Parking System. The local city council and Pittsburgh Parking Authority must still approve the lease before 1 November.
According to a source familiar with the process, the winning team will finance the transaction with between 40% to 50% in debt and the remainder with equity. The equity contribution will come from JP Morgan's infrastructure fund and P4 Partners, an affiliate of LAZ. The...