Commission to probe parking deal

The Commerce Commission has confirmed it will investigate a big Auckland car parking deal.

In a statement out this morning, the commission said it had opened an investigation into Wilson Parking New Zealand's acquisition of Tournament Parking's parking assets.

The commission will consider whether the acquisition is likely to mean a substantial lessening competition in any relevant market.

Yesterday Wilson Parking chief executive Steve Evans his firm's purchase of 60 per cent of Tournament Parking assets needed official approval.

"As you would expect, the Commerce Commission is reviewing the transaction in relation to any possible impacts on the highly competitive parking markets," Evans said.

Wilson wants to buy many of the assets owned by James Brown and partner Simon Rowntree, who founded Tournament 14 years ago. Tournament is keeping all its properties.

Evans said Wilson had big plans for the Tournament assets business it was buying. "Wilson Parking expects to be able to further develop these assets. Our established national infrastructure will allow us to deliver innovative parking offerings that will enhance the customer experience while delivering operating efficiencies," he said.

Brown said the deal predominantly involved parking spaces Tournament leases or manages on behalf of other owners and indicated the two businesses would continue to compete against each other.

Tournament also wants to develop properties such as one significant Auckland block.

"In the property sector, our priority is to move into the next phase of development of the City Works Depot. This is fast emerging as one of Auckland's most exciting urban spaces," Brown said.