Applegreen PLC Conditional Lease Signed in US (2750Y)
08 September 2020 - 4:00PM
UK Regulatory
TIDMAPGN
RNS Number : 2750Y
Applegreen PLC
08 September 2020
Applegreen plc
("Applegreen" or the "Company")
Conditional Lease signed with New York State Thruway
Authority
Dublin, London, 8 September2020: Applegreen is pleased to
confirm that it is part of Empire State Thruway Partners (the
"Consortium"), which has been awarded and signed a conditional 33
year lease for the design, construction, financing, operation and
maintenance of the 27 motorway service areas on the New York State
Thruway.
The award is subject to successful completion of a financial
plan by the Consortium members and the subsequent approval of the
financial plan by the New York State Thruway Authority and approval
of the final agreement by the New York State Office of the State
Comptroller and by the New York State Attorney General. The award
is also subject to the Consortium securing financing for the
project, a process which is ongoing.
The sites are located on the New York State Thruway which is a
570-mile superhighway system crossing the State, running from the
outskirts of New York City north to the state capital, Albany and
continuing on to Buffalo in the west of the State. The Thruway
handles approximately 250 million trips annually, and accounts for
an estimated 8 billion miles of travel each year. It is the longest
toll superhighway system in the United States. The 27 service areas
offer essential services on the route including fuel, quick-service
food and beverage, retail stores, restrooms, EV facilities, truck
fueling and other facilities, operating 24 hours a day and 7 days a
week. Total food, beverage and retail turnover for 2019 was
approximately $118 million.
Subject to the lease award completing, the Consortium will
invest $300m between H2 2021 and H1 2025 in redevelopment capital
expenditure which will be comprised of a mix of equity and project
finance debt to be obtained by the Consortium. Applegreen will
operate all 84 food and beverage outlets and a retail store on each
site. Applegreen is expected to have a minority shareholding in the
Consortium and its equity contribution for the transaction is still
to be determined and will be agreed as part of completing the
Consortium's financial plan. It is not expected that there would be
any equity contribution required from Applegreen before 2023.
The terms of the financial plan and lease agreement are yet to
be finalised and remain subject to final approval. A further
announcement, as appropriate, will be made in due course.
For further enquiries, please contact:
Applegreen +353 (0) 1 512 4800
Bob Etchingham (CEO) / Niall Dolan (CFO)
Drury Porter Novelli (Ireland PR Advisor) +353 (0) 1 260 5000
Paddy Hughes
MHP Communications (UK PR Advisor) +44 (0) 7709 496 125
Simon Hockridge / Peter Hewer / Alistair
de Kare-Silver +44 (0) 7551 170 451
Shore Capital +44 (0) 20 7408 4090
Stephane Auton / Patrick Castle / Daniel
Bush
Goodbody +353 (0) 1 667 0420
Joe Gill / Richard Tunney
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCFLFSRARIDIII
(END) Dow Jones Newswires
September 08, 2020 02:00 ET (06:00 GMT)
Applegreen (LSE:APGN)
Historical Stock Chart
From Apr 2024 to May 2024
Applegreen (LSE:APGN)
Historical Stock Chart
From May 2023 to May 2024
