Getty Realty Corp. has entered into an agreement for an acquisition lease-back transaction with a U.S. subsidiary of Applegreen PLC. Under the terms of the transaction, Getty Realty will acquire interests in 38 fee simple and four leasehold properties for $70.1 million and simultaneously enter into a unitary lease with Applegreen covering all of the properties. The portfolio is made up of 34 convenience store and gasoline stations, many of which are anchored by Burger Kings, Subways and Blimpie stores. The lease will have an initial term of 15 years, with four five-year renewal options. The transaction is expected to close before the end of the fourth quarter of 2017.
“This acquisition extends our reach into South Carolina, in the desirable and growing Columbia market, and further builds our presence in the Southeast,” says Christopher J. Constant, Getty’s President & Chief Executive Officer. “This is a significant commitment by Applegreen to its U.S. expansion, and we are happy to be their partner in South Carolina. The properties we are acquiring are high-quality convenience stores and gasoline stations, many of which have significant co-branded fast-food offerings.” stated
