Teasers have been distributed for the auction of Connecticut Service Plaza, two sources briefed on the situation said.
The sales process is expected to conclude by the end of this financial quarter.
UK funds Equitix and Dalmore acquired the business as part of its acquisition of John Laing Infrastructure Fund (JLIF) in September 2018. JLIF bought the P3 for GBP 81.7m (USD 105m) in 2016 from Carlyle Infrastructure Partners, Doctor’s Associates and Subcon.
Dalmore and Equitix hired Macquarie capital to sell the service area business after they deemed the business to be non-core.
The two UK managers are expected to use the proceeds from the sale to repay a bridge facility from Lloyds and NatWest used for the JLIF takeover and shareholder loans.