Stores bought from Texaco
Somerfield has rubber-stamped the acquisition of 118 Texaco forecourt convenience stores for£15.3 million. The majority of the sites will be sold on and leased back from Azure Property, with 13 stores retained by the retailer on a mix of lease and freehold agreements.
The deal, which was covered by retail-week.com in February, brings Somerfield's forecourt portfolio to 162 outlets. Azure will redevelop the sites and refit them under the Somefield Essentials format. The fit-out expenditure is expected to cost£35 million over the next 3 years. Texaco will continue to run the petrol pumps at the forecourts.
Somerfield chief executive Steve Back said: 'This deal represents an exciting opportunity for Somerfield to increase its presence in the forecourts convenience sector, and we welcome over 1,400 Texaco employees to the Somerfield group.'
No comments yet