EG announces sale and leaseback of $1.5bn US portfolio

By Tim Aldred

07 Mar 2023

Eg Group

Blackburn-based EG Group has announced that it will sell and lease back more than 400 of its US sites in a deal worth $1.5bn.

The portfolio is located on the east coast of the USA and comprises 415 store assets under the Cumberland Farms, Fastrac, Tom Thumb and Sprint brands. EG America will continue to operate the sites.

The buyer is Realty Income Corporation, which is listed on the New York Stock Exchange and is an S&P 500 company. It currently owns around 12,200 real estate properties primarily owned under long-term net lease agreements with commercial clients.

The assets represent around 15 per cent of EG Group’s total freehold property and are being sold to help the company improve cash flow and to repay its debts, including those accrued when the company bought Asda in 2021.

The transaction is subject to customary closing conditions but is expected to close in the second quarter of 2023.

Zuber Issa, co-founder and co-CEO of EG Group, said: "The 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."

New York Stock Exchange-listed Realty Income is an S&P 500 company structured as a real estate investment trust. Its monthly dividends are supported by the cash flow from over 12,200 real estate properties primarily owned under long-term net lease agreements with commercial clients.

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