Terra Firma, the British private equity firm, has sold a 50 percent stake in Autobahn Tank and Rast Holding for approximately €1.2 billion ($1.6 billion) to RREEF Infrastructure, a division of Deutsche Bank Asset Management.
In April, the firm was considering a sale of the whole business according to Reuters news agency. However, in an announcement today, the firm revealed it is not only retaining a 50 percent stake but is investing a further €400 million over the next five years with its new joint owning partner.
Terra Firma acquired the company in 2004 for €1.2 billion and has since invested €100 million to improve the business. As part of its value-creation strategy, the company has struck numerous deals with catering and fast-food occupiers such as Burger King and McDonald’s.
The company operates a total of 390 motorway service stations and is a household name in Germany.
For its part, RREEF Infrastructure has been busy trying to beef up its investments.
In November last year, it had acquired a stake in Britain’s Peel Ports group for €1.1 billion. One month later, it agreed to finance and operate an Austrian toll road. By March, the firm had €2.5 billion of assets under management. Earlier this year, RREEF Infrastructure failed in its bid to buy UK waste management company Cory Environmental.
Terra Firma offloads 50% holding in German motorway service operator
The UK firm opts to retain an interest in Tank and Rast Holding rather than sell it outright after striking a deal to sell 50 percent to the infrastructure division of Deutsche Bank for a reported €1.2 billion.
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