CIREF, the AIM-listed investor and developer has bought a portfolio of 22 petrol stations across the UK for £26.5m
The price reflected a yield of approximately 5.5%. The majority of the properties are former Jet stations which have since been rebranded to brands including Texaco, bp, Esso, Total and Elf. The average size of the sites is 0.5 acres (0.2 ha).
Mike Watters, director at CIREF said: ‘This acquisition provides CIREF with control over twenty two very well located properties across the country, that enhance the stable income segment within the overall portfolio.’
‘Value will be driven through the annual 2.5% compound escalation in rentals as well as a number of asset management opportunities that have been identified.’