CENTRAL PARKING CORPORATION ANNOUNCES PURCHASE OF ST. LOUIS PARKING GARAGES.NASHVILLE, Tenn.--(BUSINESS WIRE)--Nov. 26, 1996--Central Parking Corporation (NYSE NYSE See: New York Stock Exchange :PK) today announced it has signed a definitive agreement to acquire Civic Parking, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , a limited liability company, which owns four parking garages in St. Louis: Kiener East, Kiener West, Stadium East and Stadium West. The four garages have a total of 7,464 parking spaces and generate annual parking revenue of approximately $12 million annually. Monroe J. Carell, Jr., Chairman and Chief Executive Officer of Central Parking Corporation, remarked, "This purchase is consistent with our strategy to use the Company's strong balance sheet to convert management contracts to owned or leased properties. We have managed these downtown facilities for several years and are confident this investment represents an attractive use of our funds. These parking garages serve both the downtown business community and sporting events at Busch Stadium This article is about the current sports venue in St. Louis, Missouri that opened in 2006. For the stadium in St. Louis that operated from 1966 to 2005, see Busch Memorial Stadium. For the ballpark known as "Busch Stadium" from 1953 to 1966, see Sportsman's Park. ." The cash required for the transaction will be provided to Central Parking Corporation pursuant to a combination of current cash and bank borrowings. Central Parking Corporation, headquartered in Nashville, Tennessee “Nashville” redirects here. For other uses, see Nashville (disambiguation). Nashville is the capital and the second most populous city of the U.S. state of Tennessee, after Memphis. , is a leading provider of parking services in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . The Company currently operates in excess of 1,360 parking facilities containing over 546,000 parking spaces located in 32 states, the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). , the United Kingdom, Mexico, Puerto Rico and Germany. The Company provides parking consulting services in Malaysia and Spain and has a business development office in Amsterdam, Netherlands. CONTACT: Central Parking Corp., Nashville Stephen A. Tisdell, 615/297-4255 X265 stisdell@parking.com |
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