EUROPE - RREEF Infrastructure has acquired 50% of German motorway service operator Tank & Rast for a reported €1.3bn.
The acquisition, from private equity firm Terra Firma, includes 390 motorway service stations across Germany.
John McCarthy, head of RREEF Infrastructure in Europe, told IPE Real Estate: "It isn't a niche investment. It's a significant investment in a significant business with significant potential."
Parties to the deal have agreed not to disclose figures yet a source at one of them did not deny media reports quoting a deal figure of €1.3bn.
Terra firma has invested around €100m in the firm since acquiring it in 2004 for €1.2bn and RREEF said it would invest €400m over five years in building the business.
RREEF cited among the acquisition’s attractions strong management, and good relationships with tenants, regulators and the oil industry.
Since acquiring the business, Tank & Rast has built up significant alliances with Burger King, McDonalds and coffee brand Lavazza and rolled out service station toilets across 300 sites. RREEF cited the roll-out of Sanifair hygiene services as among the most impressive elements of the deal.