Entered lease agreement with a U.S. subsidiary of Applegreen.
Getty Realty Corp. has closed on the acquisition and leasing transaction with a U.S. subsidiary of Applegreen PLC.
Under the terms of the transaction, the Company acquired fee simple interests in six convenience store and gasoline station properties for $17 million and simultaneously entered into a unitary lease with a U.S. subsidiary of Applegreen covering all of the acquired properties.
The properties are all located within the metropolitan market of Columbia, S.C. The lease provides for an initial term of 15 years, with four five-year renewal options. Rent is scheduled to increase annually during the initial and renewal terms of the lease.
“We are extremely pleased to increase our footprint in the growing Columbia, S.C. market, and expand our relationship with Applegreen, which began in October 2017 when we acquired a 38-unit portfolio in Columbia, S.C. and entered into our initial lease with Applegreen’s U.S. subsidiary. Applegreen is a highly successful operator of convenience store and gasoline stations with an established network in Ireland and the United Kingdom, and a growing presence in the U.S.,” stated Christopher Constant, Getty’s president & CEO. “This transaction further demonstrates our commitment to growing our portfolio with a focus on acquiring strong operating real estate and creating shareholder value.”
The Company funded the transaction through funds available under its revolving credit facility and expects the transaction to be immediately accretive to net earnings.