Mallah Sells ICON to Aussies

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Mallah Sells ICON to Aussies

Shelly Mallah and his partner Goldman Sacks, have sold Icon Parking to a fund run by Australian Macquarie Bank. The 192 locations went for $634 million. Read about it here

Wow — Icon is one of the last independently run operations in NYC. Mallah runs his locations, virtually all leases, with a hands on management style. According of PT’s sources at the bank, the senior management will be staying on to run the operation.Macquaire Bank also owns, through a subsidiary, Avistar Parking, which runs 15 off airport locations and if you remember, has just purchased Sunpark in Buffalo. Note — Avistar has an affinity relationship with Park n Fly which gives them access to a total of 45 cities in their off airport network.

This acquisition puts Macquarie in the top 10 of the largest parking companies in the US .

JVH

John Van Horn

John Van Horn

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