Parametric channel models for multiple input multiple output (MIMO) systems have received much attention in recent years. This paper investigates the statistical properties of a parametric channel model for MIMO systems in an urban macro-cell environment. We assess the performance of the proposed channel model (in terms of autocorrelation, cross-correlation, level crossing rate, average fade duration and spatial correlation at base and mobile station) by comparison with statistical properties of a reference MIMO channel model. We investigate the important problem of how many subpaths are sufficient to accurately model the statistical behaviour of the MIMO wireless channel. Comparison of the simulated and reference model results provides new insights into the statistical accuracy of the parametric channel modelling approach.