WORCESTER, Mass. -- Nouria Energy Corp. and Nouria Energy Ventures I LLC have completed the acquisition of a portfolio comprised of 80 Shell-branded retail gas stations located in Massachusetts and New Hampshire from Motiva Enterprises LLC. As part of a simultaneous transaction, Getty Realty Corp. has financed a sale/leaseback transaction with Nouria Energy covering 66 stations; the remaining locations will be supplied directly by Nouria.
The stations will remain Shell branded and Nouria will operate the network. This transaction is in accordance with Motiva's announced [image-nocss] plans to transition its Shell-branded stations to wholesale-supplied stations.
"It is great to be aligned with Shell, the No. 1 selling gasoline brand in the U.S. We look forward to continuing the strong brand presence in Massachusetts and New Hampshire as well as maintaining the stations and operations to Nouria's high standards," Tony El-Nemr, Nouria Energy founder, president and CEO, said in a statement.
Getty Realty announced late yesterday that it 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.
"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,. "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."
He added, "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."
The 66 properties were acquired in a simultaneous transaction among Motiva, Nouria Energy and Getty Realty whereby Nouria acquired the 80 stations 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.
Worcester, Mass.-based Nouria Energy was founded in 1989 and is a diversified group of companies, primarily engaged in the retail operation of more than 50 gas stations and c-stores in Maine, Massachusetts, New Hampshire and Rhode Island. The group's wholesale division sells gasoline and diesel fuels and is a licensed distributor for Shell, Gulf and Irving Oil. Its heating oil division supplies fuels to about 6,000 residential and commercial accounts in the greater Portland, Maine, area.
Including this new business, Nouria will supply 120 locations with approximately 175 million gallons of fuel annually.
Jericho, N.Y.-based Getty Realty Corp. is the largest publicly traded real-estate investment trust (REIT) in the United States specializing in ownership and leasing of c-store/gas station properties and petroleum distribution terminals. The company owns and leases approximately 1,170 properties nationwide.
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