Realty Income Corp. has signed a definitive agreement to acquire up to 415 single-tenant convenience store properties in the United States from EG Group, an independent convenience retailer based in the United Kingdom.
The portfolio is expected to be acquired at an estimated cap rate of about 6.9 percent and has a 20-year weighted average initial lease term. The transaction is expected to close in second quarter 2023, subject to customary closing conditions, approvals and completion diligence.
About 80 percent of the total portfolio annualized contractual rent is expected to be generated from properties in the Northeast, including about 116 properties in Massachusetts, 87 properties in New York, and 74 in Florida, which are the top three states represented in the portfolio. More than 80 percent of the total portfolio annualized contractual rent is expected to be generated from properties operated under the Cumberland Farms brand. Other representative EG Group brands in
