Following EG Group’s announcement that it agreed to the sale and leaseback on a portfolio of its sites on the East Coast of the United States to Realty Income Corp., the company also plans to sell 26 non-core sites under the Minit Mart banner in the Group’s Central U.S. portfolio for total gross proceeds of $48 million, according to the chain’s full-year results and Q4 trading update report.
“ … As we previously stated, management is committed to further significant deleveraging and is actively exploring additional opportunities to put in place a sustainable capital structure for the Group to underpin our long-term strategy. We have made progress with our plans and taken the first steps in this process by agreeing a $1.5 billion sale and leaseback on a portfolio of sites on the East Coast of the USA, and a $48 million disposal of a number of non-core sites in our central US portfolio,” said Zuber Issa, co-founder and co-CEO of EG Group in the report.
The Minit Mart sale is said to have no impact on earnings before interest, taxes, depreciation and amortization (EBITDA) of the Group.
Founded in 2001 by the Issa family, United Kingdom-based EG Group is an independent convenience retailer, which has established partnerships with global brands, as well as a focused portfolio of proprietary brands. EG Group currently employs more than 50,000 colleagues working in over 6,600 sites across the globe.