China Wealth Fund to Review Stake in German Rest Stop Chain

(Bloomberg) -- Sovereign wealth fund China Investment Corp. is considering options for its minority stake in German highway rest-stop chain Autobahn Tank & Rast, according to people familiar with the matter.

CIC has been speaking with potential advisers as it reviews options including a sale of part or all of its 15% stake, the people said, asking not to be identified because the matter is private. Potential bidders could include existing shareholders such as Allianz Capital Partners GmbH as well as new investors, the people said.

A deal could value Tank & Rast at about 5 billion euros ($5.6 billion) to 6 billion euros, the people said. No final decisions have been made, and there’s no certainty the deliberations will lead to a transaction, the people said.

A representative for CIC didn’t immediately respond to requests for comment, while representatives for Allianz and Tank & Rast declined to comment.

Tank & Rast counts about 360 filling stations and 400 service stations along the motorway network in Germany, according to its website. Some 500 million travelers stop by its service areas each year, it said.

Allianz Capital and Munich Re were among investors that acquired Tank & Rast from buyout firm Terra Firma Capital Partners and the money management unit of Deutsche Bank AG back in 2015. The buyer consortium also included Infinity Investments SA, a unit of the Abu Dhabi Investment Authority, and Borealis Infrastructure Management Inc. CIC bought a minority stake in the company later that year.

--With assistance from Ville Heiskanen and Zhang Dingmin.

To contact the reporters on this story: Manuel Baigorri in Hong Kong at mbaigorri@bloomberg.net;Vinicy Chan in New York at vchan91@bloomberg.net

To contact the editors responsible for this story: Fion Li at fli59@bloomberg.net, Ben Scent

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