CENTRAL PARKING CORPORATION TO SELL 50% INTEREST IN ST. LOUIS PARKING GARAGES TO EQUITY CAPITAL HOLDINGS, L.L.C.NASHVILLE, Tenn.--(BUSINESS WIRE)--April 16, 1997--Central Parking Corporation (NYSE NYSE See: New York Stock Exchange :PK) today announced it has sold a 50% interest in Civic Parking, L.L.C. to an affiliate of Equity Capital Holdings, L.L.C., a subsidiary of Equity Office Holdings, L.L.C. Civic Parking, L.L.C. is a limited liability company that Central Parking Corporation acquired on December 31, 1996. Terms were not announced for the transaction which involves 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. Central Parking Corporation, which will use the proceeds to repay bank borrowings, does not expect to realize any gain or loss on the sale. Monroe J. Carell, Jr., Chairman and Chief Executive Officer of Central Parking Corporation, remarked, "This sale will essentially form a joint venture between us and Equity Capital Holdings, L.L.C. related to these properties which 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. . We believe this step reasonably combines our proven resources for operating parking facilities with the specialized real estate expertise of Equity Capital Holdings, L.L.C. We have managed these downtown facilities for several years and are confident that the joint venture will realize a positive return from its investment in these facilities." 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. . At March 31, 1997, the Company was operating 1,533 parking facilities containing over 671,000 spaces at locations in 34 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). , Canada, Puerto Rico Puerto Rico (pwār`tō rē`kō), island (2005 est. pop. 3,917,000), 3,508 sq mi (9,086 sq km), West Indies, c.1,000 mi (1,610 km) SE of Miami, Fla. , the United Kingdom, Mexico and Germany. The Company provides parking consulting services Noun 1. consulting service - service provided by a professional advisor (e.g., a lawyer or doctor or CPA etc.) service - work done by one person or group that benefits another; "budget separately for goods and services" in Malaysia and Spain and has a business development office in Amsterdam. CONTACT: Central Parking Corporation, Nashville Steve Tisdell, 615/297-4255 X265 stisdell@parking.com |
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