Roadside service station owner Applegreen has entered into an agreement with IST3 Investment Foundation and TD Greystone Asset Management for the acquisition of a 40% stake in JLIF Holdings US, the owner of the Connecticut Highway Service Plazas P3. 

The deal represents a total investment of US$229 million. The 23 state-of-the-art CT Service Plazas are located along CT I-95, CT RT-15 (Merritt Parkway) and CT I-395 on three main interstate routes between New York City and Boston, Massachusetts.

The deal also includes the chance for Applegreen to exercise the right to increase its interest in CT Service Plazas to 60% in five years. The deal will be funded from existing group debt facilities. 

The transaction is expected to be completed by the third quarter, subject to approval from the Connecticut department of transportation.