Getty Realty Corp. purchased interests in 38 fee-simple properties for $68.3 million through a subsidiary and simultaneously leased them under a unitary lease to the U.S. subsidiary of Applegreen PLC.
The portfolio is made up of 33 convenience store and gasoline stations, along with five stand-alone Burger King quick service restaurants in the metropolitan market of Columbia, S.C. It was bought using available funds under the company's credit agreement, according to a release.
The unitary lease will run for a term of 15 years, with four five-year renewal options.
Getty Realty anticipates its transaction with Applegreen to be immediately accretive to net earnings.