Greenscape Capital Group
Greenscape Capital Group's mandate is to increase the environmental sustainability, social responsibility, and profitability of companies and their operations. Greenscape Capital operates Green.Switch, a full service energy retrofitting company. Green.Switch provides tangible solutions for businesses to green their operations and reduce energy costs. When marked opportunities arise, Greenscape also invests in other companies in the green space, providing the strategic capital and business advisory services to assist these companies in achieving their environmental and corporate goals.
Greenscape Capital to build, own and manage world’s ‘greenest’ parking facility at Denver International Airport
Greenscape Capital Group (TSX-V: GRN) (“Greenscape”) is a company on a mission. Since listing on the Toronto Venture Exchange only a few months ago, the company has announced a flurry of transactions. Arguably the biggest announcement to date was released late yesterday – it has entered into an agreement to build a 4,200 parking facility at Denver International Airport (“DIA”).
This is no bog standard parking facility however. The parking facility, according to Greenscape, will be the ‘greenest’ parking facility in the world. Referred to Greenscape as “Green Park DIA”, the facility will incorporate a plethora of renewable energy sources and environmentally friendly building techniques. Greenscape outlined some of the technology that will be utilized, including solar and wind energy power sources, natural landscaping, porous pavement (to allow rainwater to reach the soil below) and alternatively fuelled shuttle vans.
DIA is currently the fifth busiest airport in the United States with more than 51 million passengers per annum, as is the third largest airport in the world by land size.
“In addition to adding a significant financial asset to Greenscape, this transaction will also give Greenscape a "showpiece green facility" as the company seeks to green third party parking operations, via energy retrofits, throughout North America including future potential projects that fall under Propark's ambitious green mandate,” Greenscape stated. “This transaction will also serve as a corporate and environmental model for future potential developments at other North American airports, structured in the same manner.”
The car park facility will have a capacity of 4,200 vehicles, and is expected to take approximately seven months to build. Greenscape has already contracted a Denver based construction company to undertake the work. The company has also secured a 25 year land lease with an option to renewal for a further 20 years. Greenscape’s subsidiary, Green.Switch will retain a 90% interest in the facility, with car park management company, ProPark USA, holding 10%.
"This will be the world's greenest parking facility, a world-class asset, at a world-class location. While this asset alone creates substantial potential upside for Greenscape shareholders via the project value and the targeted net income, it should be noted that this will also serve as a showpiece and as a model for future corporate expansion plans,” stated Bryan Slusarchuk,CEO of Greenscape, “In addition to showcasing Greenscape, today's announcement also highlights the fact that British Columbia, Canada is a leading source of talent, entrepreneurial spirit and capital in the environmental world and for that, I congratulate the environmental professionals and management of Green.Switch for getting this agreement signed."
The total capital expenditure (CAPEX) required to construction is US$16.3 million, with a further $2.3 million earmarked for operating capital and contingencies. 65% of the required capital ($12.1 million) is expected to come from a “major, chartered Canadian bank”.
Commercial real estate brokers and consultants, Cushman & Wakefield, have stated that the completed project would have an appraised value of US$31.7 million, and market value upon stabilization of $42.4 million. The project is expected to have revenues of US$19 million per annum in years 2-10, with net operating income of $5.1 million per annum (also in years 2-10).
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Other Greenscape Capital Group articles
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07/04/10 Greenscape Capital – a green business portfolio
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23/10/09 Greenscape Capital joins Canadian Venture Exchange offering exposure to eco-friendly investments
Other Greenscape Capital Group news
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28/07/10 Greenscape Making Good Progress at Denver International Car Park
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22/07/10 Greenscape's Denver car park project ahead of schedule
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20/07/10 Greenscape selects suppliers for wind and solar energy equipment at Denver parking facility
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13/07/10 Greenscape Capital selects LED lighting supplier for Denver airport parking facility
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22/06/10 Greenscape Capital advance US$1m to Denver green parking project
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18/05/10 Greenscape Capital says construction starts on Denver green parking facility
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07/05/10 Greenscape closes interim loan for Green Parking Facility at Denver International Airport
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03/05/10 Greenscape Secures Interim loan for Green Parking Facility at Denver International Airport
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23/04/10 Greenscape Capital wraps up first phase of Corporate Couriers Logistics contract
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07/04/10 Greenscape secures total debt financing for Denver Green Park DIA project
