A new sale and leaseback agreement will grant debt reduction and financial flexibility to Global Partners.

Global Partners recently announced an agreement for the sale and leaseback of 33 gas stations and convenience stores to a premier institutional real estate investor. The stores will be sold for approximately $67 million, and the sale is expected to close no later than early third quarter 2016.

As part of the agreement, the retail sites, which are located throughout New England, will be sold to the buyer and leased to Global Partners or its subsidiaries for a period of 15 years with 20 years of contractual extension options. The transaction, which is subject to customary due diligence, is expected to close no later than early third-quarter 2016.

“Consistent with our objective of providing additional liquidity for the Partnership, we expect to use the material proceeds generated from this transaction to reduce debt and provide financial flexibility to reinvest in and expand our businesses. This sale leaseback is part of a strategy we shared with investors earlier this year to optimize our assets, in this instance unlocking the value in some of our fee-owned real estate and productively deploying the capital,” said Eric Slifka, president and CEO of Global Partners.