Macquarie European Infrastructure Fund II (MEIF II) agrees to acquire NCP's off-street car park business

14 March 2007

MEIF II today announces that it has agreed to acquire National Car Park’s off-street, airport and railway car parking businesses (NCP) from 3i management and employee shareholders for £790m. Following a de-merger announced today, the vendors will retain NCP Services, the on-street business which includes enforcement services, clamping and removal and penalty charge processing.

NCP is the leading off-street car parking provider in the UK, with a nationwide portfolio of approximately 850 car parks. The business has an excellent track record and reputation, solid expertise and established industry experience.

Mr Martin Stanley, Executive Director of Macquarie Bank with responsibility for its European infrastructure funds, said “NCP is an outstanding business that displays all of the characteristics we look for in an infrastructure asset.”

“Car parks are an essential part of UK transport infrastructure and NCP is the leader in its three main market sectors: it has over 50 per cent market share of privately operated off-street car parks in the UK; it is the largest provider of car park services to airports; and is the largest provider of car park services to railway stations. As a result the business generates predictable and stable cashflows over the long term,” Mr Stanley said.

“NCP has a strong management team under Chief Executive Officer Chris Dobson and we look forward to working with him and the rest of the staff going forward. We are making a long-term investment in NCP and are committed to growing the business for the future benefit of all stakeholders,” Mr Stanley said.

MEIF II is a wholesale investment fund that makes long-term investments in infrastructure businesses across Europe. MEIF II aims to raise between €3-4bn and has to date secured commitments from major pension funds including a significant number of UK pension funds. MEIF II is a cornerstone investor in Thames Water.

MEIF II is managed by the Macquarie Group, a global leader in investment and management of infrastructure and essential-service businesses with a portfolio of over 100 assets. MEIF II benefits from Macquarie’s substantial expertise and strong track record of responsible management. Macquarie prides itself in taking a long-term approach to managing its assets, working collaboratively with all stakeholders, including employees, customers and the wider community, to ensure sustainable growth of the business.

EDITORS NOTES

About Macquarie’s European Infrastructure Funds
Macquarie European Infrastructure Fund II is Macquarie’s second diversified pan-European infrastructure fund. Its mandate is to invest in a portfolio of infrastructure assets located across the expanding European Union. It aims to raise commitments of €3-4bn and to assemble a diversified portfolio of eight to 15 assets. MEIF II follows the success of the Macquarie European Infrastructure Fund, established in April 2004. At its final closing in June 2005, MEIF had commitments of €1.5bn from leading institutional investors. It has investments in a variety of infrastructure sectors including transport, ports, ferries and utilities.

Both MEIF and MEIF II are managed by a member of the Macquarie Bank Group, a leading global investor and manager of infrastructure businesses.  Members of the Macquarie Bank Group manage more than €28 billion in equity invested in infrastructure and essential service assets around the world through a range of listed and unlisted vehicles. Infrastructure investments managed by Macquarie include assets in the energy, water, telecommunications and transportation sectors in the UK, Germany, Portugal, Italy, France, Sweden, Denmark, the Netherlands, Belgium, Canada, US, Australia, Korea, Japan and South Africa.  Macquarie aims to manage investments in infrastructure assets profitably and responsibly.

For further information, please contact:

Karen Smith
Corporate Communications Manager
Macquarie Bank
Tel: (44) (0) 20 7065 2420