Global Partners LP announced an agreement with a premier institutional real estate investor for the sale and leaseback of 33 gasoline stations and convenience stores for approximately $67 million. 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.
Eric Slifka, president and CEO of Global Partners, said, “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.”