Applegreen agrees lease on 27 New York service area sites
Applegreen has taken over a consortium that has agreed a lease on 27 service area sites on the New York State Thruway in the US. The Empire State Thruway Partners (ESTP) consortium agreed the conditional lease with New York State Thruway Authority in September 2020, Applegreen was a minority partner in ESTP, as previously reported by IFCR.
The final agreement has been approved by the State Comptroller and by the New York State Attorney General, Applegreen also revealed it had acquired a 100% equity stake in the consortium.
ESTP signed a 33-year lease for the design, construction, financing, operation and maintenance of the New York Service Areas which comprises 27 service area sites located on the New York State Thruway.
Redevelopment of the New York Service Areas will cost around $301m, funded by both equity by Applegreen and a private activity bond.
ESTP will commence food and retail operations on six of the sites and redevelopment work will commence on ten of the sites. Redevelopment work on the remaining sites should be completed by mid-2025.