GPM Investments received a $1 billion real property commitment
Agreement provides additional flexibility to continue GPM’s acquisition growth strategy.
GPM Investments, a subsidiary of ARKO Corp., entered into an agreement with Chicago-based real estate investment firm Oak Street Real Estate Capital to boost acquisitions of convenience store brands and fueling stations.
GPM would own and operate the related acquired businesses, whereas Oak Street would own the real estate and lease it to GPM. Oak Street is committing up to $1 billion to the program for a one-year period.
As the seventh largest convenience store chain in the United States, GPM has executed 18 acquisitions since 2011, growing the company to almost 3,000 sites with more than 10,000 employees operating in 33 states and Washington D.C.
“We remain highly focused on our core acquisition model, and we expect that this partnership will enhance certainty of deal execution and as a result, strengthen our growth as a company,” said Arie Kotler, President and Chief Executive Officer of GPM.
The last acquisition made by GPM took place in March and added 61 gas stations in Michigan and Ohio operating under the ExpressStop banner.
