August 2, 2019
Related Companies made an equity investment in Conrac Solutions, a private operator, developer and financier of airport consolidated rent-a-car facilities (ConRACs). Terms weren’t disclosed; the Wall Street Journal reported a 50% stake.
The announcement follows the close of Conrac and Related’s financing of a $500-million ConRAC facility to consolidate all of the rent-a-car companies into one location at Newark Liberty International Airport, as part of the Terminal One Redevelopment Program. It’s among the first investments by Related Infrastructure, a platform within Related Fund Management.
“We have been impressed with the Conrac Solutions management team, and see extensive growth prospects for ConRAC and multi-modal transportation hub development, rehabilitation, operation and financing at airports throughout the United States,” said Related Infrastructure’s Andrew Right. “Further, there are other opportunities to leverage Conrac Solutions’ expertise in the development and operation of shared facilities to enhance efficiency in urban environments.”
For comments, questions or concerns, please contact Paul Bubny