Conrac Solutions, has announced a partnership with independent infrastructure investment group, iCON Infrastructure, including equity financing for future private delivery and re-financings of ConRAC facilities over the next five years.
The scheme of the project entails the designing, building, financing, operation and maintenance of a new Rent-A-Car facility at Newark Liberty Airport following a public-private partnership basis. The project is expected to offer passengers easy on-airport access to all rental car choices in one complex.
As nationwide leaders in ConRAC development, finance and operation, Conrac Solutions’ partnership with iCON Infrastructure effectively merges Conrac Solutions’ transportation infrastructure delivery expertise with iCON Infrastructure’s international investment management network. In connection with the travel industry’s post-pandemic recovery, this agreement will provide benefits to both airports and the rent-a-car industry through Conrac Solutions’ innovative project delivery and financing approach.
The ConRAC facility will incorporate retail operations with customer wayfinding and traffic circulation, while providing vehicle fleet storage and enhanced security. Shared facility components include: 15 car washes and 54 fueling positions along with vacuum systems, waste
management and service bays.
This partnership agreement enables joint undertaking of ConRAC development, financing, construction and operation throughout the U.S. and Canada over the next five years.