The TD Greystone Infrastructure Strategy has entered into a consortium to acquire the operator of the Connecticut Service Plazas
REGINA, [August 6, 2019] – TD Greystone Asset Management (“TD Greystone”) on behalf of and as manager for the Greystone Infrastructure Fund (Global Master) LP (the “Fund”) along with IST3 Investment Foundation and Applegreen (together, the “Consortium”) has entered into an agreement to acquire the operator of the Connecticut Service Plazas (“CT Service Plazas”).
CT Service Plazas operates 23 well established, fully redeveloped, on-highway service centres located in Connecticut on the three main interstate routes between New York City and Boston, Massachusetts. CT Service Plazas provides predictable revenue streams from internationally recognized, long-term anchor tenants, including McDonalds, Dunkin’ Donuts, Subway and Alliance Energy. The service plazas hold exclusive rights along I-95, I-395 and Route 15, granted by the State under a long-term concession agreement with 25 years remaining plus an option to extend for a further 10 years.
Jeff Mouland, Managing Director and Head of Infrastructure Investments at TD Greystone, said, “The TD Greystone Infrastructure investment team continues to source and execute on strong investment opportunities for our clients. I am proud of the entire team’s efforts on this transaction, further strengthening our investment portfolio.”
This investment, with an experienced Consortium, provides the Fund with attractive diversification from increases in exposure to both the U.S. infrastructure market and the transportation sector. This is the Fund’s second investment with IST3 Investment Foundation, highlighting our relationship-driven investment process with like-minded, long-term investors in the infrastructure space. Applegreen is a leading operator of motorway service centres with a significant international footprint of over 470 sites across three countries.
“With the ongoing goal of providing our clients exposure to diverse and robust infrastructure investments, this transaction is a strong fit within our overall global strategy,” continued Mouland. “We look forward to working with IST3 and Applegreen on this high-quality, long-term transportation concession asset in the United States.”
About the Greystone Infrastructure Fund
The Greystone Infrastructure Fund is open-ended with a global mandate that targets diversified mid-market infrastructure assets with attractive risk-adjusted returns, capable of providing predictable and stable cash flows over the long term. The Greystone Infrastructure Fund forms part of the Alternative Investments platform managed by TD Greystone Asset Management.
About TD Greystone Asset Management
TD Greystone Asset Management (“TD Greystone”) is an institutional money manager based in Regina, Canada with additional offices in Toronto, Winnipeg and Hong Kong. Since 1988, TD Greystone has been offering a full range of multi-asset class solutions with in-house teams covering fixed income, Canadian equities, U.S. equities, international equities, real estate, mortgages and infrastructure. TD Greystone is acquiring the investment on behalf of its infrastructure fund, the Greystone Infrastructure Fund (Global Master) L.P. (“GIF”). GIF is open-ended with a global mandate that targets diversified mid-market infrastructure assets with attractive risk-adjusted returns, capable of providing predictable and stable cash flows over the long term. GIF forms part of the Alternative Investments platform managed by TD Greystone. To learn more about TD Greystone, please visit https://greystone.td.com
IST3 Investment Foundation enters the investment through its discretionary private infrastructure equity vehicle, IST3 INFRASTRUKTUR GLOBAL (IST3 IG), which is funded exclusively by Swiss pension plans and has an unlimited lifetime. IST3 IG is part of the IST platform, which was founded in 1967 and manages approximately CHF 9.2bn in capital out of Zurich and Lausanne for more than 500 Swiss pension funds, providing transparent, cost efficient and best in class traditional and alternative investment management services. IST3 IG’s conservative direct infrastructure investment approach aims at pooling Swiss pension fund capital in order to invest directly into long-term infrastructure assets on a diversified basis, across OECD countries. To learn more about the IST platform, please visit https://istfunds.ch/en/about-us/
Applegreen is an AIM listed plc that focuses on convenience food and beverage retailing and the operation of petrol forecourts and motorway service areas. The company has been in operation for 27 years and is managed by the original founders of the company. As of December 31, 2018, Applegreen operates 472, across the Republic of Ireland (193 sites), United Kingdom (158 sites) and United States (121 sites) and has 10,700 employees. Applegreen is the number one Motorway Service Area operator in the Republic of Ireland and the number two Motorway Service Area operator in the United Kingdom. https://www.applegreenstores.com