Why Blackstone, Macquarie, and Ardian Are Betting on Rest Areas — and Why You Should Too
- Levn admin
- May 30
- 4 min read
Image Credit: Macquarie Asset Management
The Rise of the Rest Area as a Premium Asset Class
In global infrastructure investing, a subtle but powerful shift is underway. Highway rest-service-areas (RSAs) — once dismissed as basic pit stops — are emerging as highly desirable infrastructure platforms. They sit at the convergence of real estate, mobility, clean energy, and consumer spending. Major global investors are now treating RSAs as long-term, yield-generating assets that are vital to national EV charging networks, logistics resilience, and retail transformation. The trend is no longer speculative: leading names like Macquarie, Ardian, and BP (via TravelCenters of America) have already moved — investing billions into platforms once considered secondary real estate. The message is clear: rest areas are the next frontier of private infrastructure.
Macquarie Sees EV Opportunity in Roadchef (UK)
In 2022, Macquarie Asset Management acquired Roadchef, the UK’s third-largest motorway service area operator, in a transaction valued around £900 million. Roadchef operates 30 service areas across the UK motorway network, with long-term leases to top brands like McDonald’s, Costa Coffee, WHSmith, and Days Inn. Macquarie viewed Roadchef as more than just a retail landlord; it saw a platform of protected, high-traffic nodes with embedded infrastructure upside. Crucially, Roadchef was also poised for electrification expansion, as Macquarie planned a rollout of ultra-fast EV chargers throughout the network. For an infrastructure fund focused on long-horizon yield, Roadchef checked every box: scarcity, defensibility, retail revenue, and electrification. In Macquarie’s own words, this was “core infrastructure with EV growth optionality.”
Ardian and Allianz Turn Germany’s Autobahn Into a Concession Platform
In 2015, a consortium led by Ardian, Allianz Capital Partners, and Borealis Infrastructure acquired Tank & Rast, Germany’s dominant RSA operator, for over €3.5 billion. Unlike Roadchef, Tank & Rast manages nearly 400 rest stops along the federal Autobahn system — making it a quasi-monopoly in one of Europe’s most mature highway networks. Its revenue streams are deep and diverse: fuel stations, QSRs (Burger King, Lavazza), paid restrooms (Sanifair), branded convenience retail, and hotel partners. The asset is underpinned by long-term government concessions — effectively giving investors control over irreplaceable real estate with built-in traffic. Ardian and Allianz saw more than cash flow. They saw a nationwide platform for energy transition, with opportunities to introduce EV chargers, solar energy systems, and digital payments — all within a protected, high-footfall network.
BP Acquires TravelCenters of America for Strategic Electrification
In 2023, global energy giant BP acquired TravelCenters of America (TA) for US$1.3 billion. TA owns and operates over 280 full-service travel centers across the United States, primarily catering to commercial truckers and long-distance motorists. BP didn’t buy TA for fuel revenue alone — it acquired a strategic distribution network for its energy transition ambitions. BP planned to deploy bp pulse EV charging units, explore hydrogen refueling, and expand the retail and convenience store model at TA locations. For BP, TA was an immediate way to electrify America’s highways, using real estate and footfall it didn’t need to build from scratch. With land ownership and high vehicle turnover already in place, TA offered exactly what most infrastructure investors want: a platform for scalable energy transformation.
What the World’s Smartest Capital Saw — and What EVCC™ Offers
Across these three benchmark deals, a consistent investment logic emerges. First, rest areas monetize traffic reliably — via fuel, food, toilets, and retail, resulting in high-frequency cash flow. Second, the land is exclusive and strategic — located on controlled-access highways, often with regulatory limits on new entrants. Third, these sites provide an ideal foundation for EV fast charging, solar power, and ESG-aligned upgrades. Fourth, RSAs offer blended returns — combining infrastructure-like predictability with retail-style upside. These global investors weren’t chasing novelty. They were locking in control over future mobility infrastructure before competition caught up. And that playbook is now repeating in Southeast Asia — with Malaysia as the next chapter.
Malaysia’s Moment: The EVCC™ Platform Vision
Malaysia’s PLUS Expressway sees over 1.7 million vehicles daily, placing it among the busiest toll highway systems in Asia. Yet, the rest area model here remains outdated, unbranded, and underutilized. EVCC™ (Electric Vehicle Charging Corridor) aims to change that — starting with the under-construction PEDAS RSA @ KM241 (Southbound) PLUS Expressway. More than just a rest stop, PEDAS RSA is being designed as a mobility hub, featuring Tesla and Gentari EV HPC chargers, a platinum-rated green building, drive-thru units, and retail pods curated for high turnover. It is Malaysia’s first attempt to privatize and professionalize rest areas as investable infrastructure, with land secured, EV-ready layout, and replicable blueprint across multiple future RSAs.
Why Investors Should Move Before Institutions Do
EVCC™ represents an early-entry opportunity into an asset class that global infrastructure funds are only beginning to notice in Southeast Asia. What Macquarie, Ardian, and BP did in the UK, Germany, and the U.S., EVCC™ is now replicating — but in a market with more vehicles per kilometer, stronger highway dependence, and no consolidated RSA operator. Investors today have the chance to secure equity positions, land-banked sites, and future rental revenue streams — before larger funds arrive with higher cost of capital. As the shift toward electrified highways accelerates, control over RSA locations will be the new toll gate.
Learn more at www.evcc.my
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