GreenPoint spends £305m on car parks

Investment company acquires city centre sites operated by NCP

A car park portfolio with almost 15,000 spaces across cities including London, Manchester, Liverpool, Bristol and Birmingham has been acquired by alternative investment firm GreenPoint Partners in a £305m deal. The portfolio comprises 37 facilities in city centre locations primarily operated by NCP.

The acquisition expands GreenPoint’s European mobility logistics platform. GreenPoint will work with NCP to identify opportunities to enhance operations, implement electric vehicle infrastructure and introduce technology-enabled services.

“We are excited to expand our European mobility logistics platform with such a high-quality portfolio of metro locations,” said Chris Green, founder and chief executive of GreenPoint.

“Alongside our existing rela- tionship with Infinium Logistics, we are building a portfolio of high quality mobility logistics assets that over time can also play an important role in the decarbonisation of transportation.”

Alexander Çakir, partner and co-head of real estate at GreenPoint, said: “With our exceptional team, deep technology expertise and the support of a group of like-minded invest-

Liberty Charge rebrands as Believ

After leading the launch of electric vehicle chargepoint operator Liberty Charge, and overseeing its subsequent re-brand to Believ, Neil Isaacson will be leaving the company to join a business in the hydrogen industry.

Perran Moon, chief marketing officer, will become interim chief executive officer until a permanent CEO is appointed later this year.

During his time with Believ, Isaacson has helped to secure investment to take the business from concept to becoming an established chargepoint operator in the space of three years. Isaacson said: “My journey with Believ is one that I will always remember fondly, and I am proud of what we have achieved. The team we have built is extraordinary – a group of people who care so much for our goal of cleaner air for all, and work tirelessly to build our proposition.” ment partners, we are well positioned to invest in improving these assets to create a marketleading UK parking and charging platform.”

The company is a 50:50 joint venture between Liberty Global and Zouk Capital, which is the manager of the HM Treasury-backed Charging Infrastructure Investment Fund (CIIF). Believ partners with sister company Virgin Media O2 in the deployment of charging infrastructure, enabling the installation of chargepoints at scale and pace throughout the UK.

Believ predicts it will have 4,000 sockets installed by the end of 2023 and has already delivered more than 2.4 million kWh of charge. Initially focussed on supporting local authorities in meeting residents’ EV charging needs, Believ recently launched a new B2B proposition.

The car park deal marks the third investment between GreenPoint and Ivanhoé Cambridge. The transaction has also seen new investors Ivanhoé Cambridge and Greater Manchester Pension Fund (GMPF) joining GreenPoint alongside existing investor GCM Grosvenor, which has increased its commitment on behalf of its clients.

Cllr Gerald Cooney, chair of the Greater Manchester Pension Fund, added: “At GMPF, we are dedicated to being a long-term, responsible investor in businesses that have a positive impact for our members and communities, and we look forward to working with GreenPoint to deliver mobility and logistics solutions across the UK.”

Shoosmiths’ real estate investment team acted for the seller on the £305m sale. The Shoosmiths team was led by real estate partner and co-head of the firm’s investment group, Nathan Rees, supported by principal associate Chris George and associate Kathryn Kinsey.

Shoosmiths worked alongside Freshfields Bruckhaus Deringer, which advised on corporate and financing matters. Gowling WLG acted for the buyer.