Related Takes Stake in Consolidated Rent-a-Car Operator
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.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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