Getty Realty Corp. Acquires 66 Shell Branded Properties

“We expect the acquisition to be immediately accretive to annual earnings and the acquisition is consistent with our strategy to grow and diversify our tenant base,” says Getty Realty CEO.

Getty Realty Corp. has acquired 66 Shell-branded gasoline station and convenience store properties located in and around the Greater Boston and southern New Hampshire area for approximately $86.1 million, in a sale/leaseback transaction with Nouria Energy Ventures I LLC, a subsidiary of Nouria Energy Group.

“We are pleased to have been able to finance the acquisition of these Shell branded properties for Nouria Energy Group,” said  David Driscoll, CEO of Getty Realty Corp. “The sites consist of proven high volume locations in mature neighborhoods. In addition, Nouria Energy Group currently operates 19 of the sites and has demonstrated considerable knowledge about the region generally and these properties specifically.”

The other 47 sites are also being supplied with fuel by Nouria Energy Group and are currently being operated by the existing independent dealers selling gas under the Shell brand.

“We are excited to have a first rate company like Nouria join our expanding list of tenants. Finally, we expect the acquisition to be immediately accretive to annual earnings and the acquisition is consistent with our strategy to grow and diversify our tenant base,” Driscoll said.

The 66 properties were acquired in a simultaneous transaction among Motiva Enterprises LLC (“Shell”), Nouria and Getty Realty Corp., whereby Nouria acquired 66 gasoline station and convenience stores from Shell and simultaneously completed a sale/leaseback with Getty of the 66 properties under a long-term triple-net unitary lease having an initial term of 20 years plus renewal options. The company expects to receive approximately $5.8 million of revenue from the investment during calendar year 2011.

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