Terra Firma won’t comment on reports it will sell Germany’s Tank & Rast

A spokesman for Terra Firma, a group which owns German retailer Autobahn Tank & Rast, said on December 17 “no comment” in reply to a request from PetrolPlaza for information about the validity of a Bloomberg report four days earlier which said that the group was “preparing to sell” the chain which includes 350 filling stations.

Bloomberg News had said in its report that the alleged transaction “could value the business” at more than 2 billion euros, citing people it described as close to the situation.

A spokeswoman for Autobahn Tank & Rast did not immediately reply to a request for comment by PetrolPlaza also sent on December 17.

According to information on Terra’s web page, the network also includes 390 service areas and 50 hotels.

“The highly cash-generative and stable-tenanted operating model is supported by long-term government concessions and a significant fixed component, with revenues diversified across retail, restaurants, toilet facilities and fuel sales,” Terra said in it web page adding that Tank & Rast holds 90% of German motorway concessions for petrol stations, shops, restaurants and hotels.

Terra said that in June 2007 Terra Firma and co-investors agreed a partial sale of Tank & Rast to an infrastructure fund but that it still owns “a residual stake” in the business.

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