May 28 (Bloomberg) -- Li Ka-Shing’s Cheung Kong Holdings Ltd. and Cheung Kong Infrastructure Holdings Ltd. agreed to buy an airport parking business in Canada for C$347.6 million ($320.2 million).
The business, Park’N Fly, has unaudited net asset value of about C$88 million by the end of 2013, according to a statement from Hutchison Whampoa Ltd., which is controlled by Cheung Kong. Park’N Fly provides parking near airports in Canadian cities including Toronto and Ottawa.
Li has been buying assets in Europe, Canada and Australia as he bets on stronger growth in those regions amid a government-imposed credit crunch in China. A group including Cheung Kong Infrastructure, known as CKI, made a cash bid valuing Australian natural gas distributor Envestra Ltd. at A$2.4 billion ($2.2 billion) this month.
The investment “reflects CKI’s strategy of investing in infrastructure opportunities around the world,” according to the statement.
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