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JLIF to acquire P3 concession for 23 service plazas

19 May 2016 07:59

John Laing Infrastructure Fund Limited has agreed to acquire a 100% interest in Project Service LLC, the provider of 23 highway service areas in Connecticut between New York and Boston.

JLIF has purchased the interest from Carlyle Infrastructure Service Plazas, L.P. (an affiliate of The Carlyle Group), Doctor's Associates Inc. (the parent company of Subway Restaurants) and Subcon, Inc. (a major Subway franchisee and developer).

The acquisition is JLIF's first entry into the US P3 market and will take the total number of assets within JLIF's portfolio to 61.

The equity value is the US dollar equivalent of approximately GBP72 million and will be funded using JLIF's multi-currency revolving credit facility. JLIF expects the acquisition to complete in the coming weeks subject to the satisfaction of the conditions as agreed between the parties.

The project involves the operation and maintenance of 23 highway service areas along Interstate 95, Interstate 395 and Route 15, under a 35-year exclusive concession signed in 2009 with the State of Connecticut acting through the Connecticut Department of Transport.

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