Getty Realty announced late Monday an acquisition lease-back transaction with a US unit of Applegreen for 42 properties in Columbia, South Carolina. Under the terms of the deal, Getty Realty will acquire stakes in 38 fee simple and four leasehold properties for $70.1 million and will simultaneously enter into a lease with Applegreen covering all of the properties.
The properties consist of 34 gasoline stations and convenience stores and eight stand-alone Burger King restaurants. The deal is slated to close before the end of Q4. Shares of GTY were down over 8% in recent pre-market as the company also said it priced a public offering of 4.1 million shares at $23.15 each, equal to a 7.7% discount relative to Monday’s close.