Blackburn-based EG Group announces $1.5bn deal for US East Coast assets
The sale was made to Realty Income Corporation for a gross consideration of approximately $1.5bn.
The portfolio – which EG America will continue to operate and trade – comprises 415 store assets under the Cumberland Farms, Fastrac, Tom Thumb and Sprint banners. The transaction is expected to close in the second quarter of 2023, subject to customary closing conditions, and the Group will use net proceeds to repay debt.
Zuber Issa, CBE co-founder and co-CEO of EG Group, commented: “Today’s announcement demonstrates the progress we continue to make to put in place a robust capital structure for the medium term that will underpin our long-term strategy and represents an important first step in this process.”
Following completion, EG will pay an initial rent of $103m per annum with respect to these assets.