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The operator of Convenience Stores and Gas Stations on Monday announced a deal to sell 49 stores located in Oklahoma, USA to Casey General Stores for $ 39 million. The transaction, which targets 3 sites owned by 46 leased companies, is expected to close by July 31.
In addition, Laval-based multinationals have indicated they would like to give up 306 other locations – 269 sites in 25 states south of the border and 37 sites in six Canadian provinces.
“The result […] This is part of the network optimization strategy and follows the planning process for the entire network carried out in the fall, Brian Hanach, Cooch-Dart chairman and CEO, said in a statement. We have identified sites that are inconsistent with our strategic objectives, either in terms of brand or regional size. ”
He said the company will continue to expand its presence through the construction and renovation of stores.
Cooch-Dort has retained support for the services of a real estate company and is showing interest in early May. Of the 306 locations provided, 238 combine a convenience store and fuel sales.
Irene Nattel of RBC Capital Markets estimates that if the company finds a buyer for all its sites, it could raise about 285 million.
“Taking into account the value of real estate associated with the sites […], The amount collected could be more than 285 million, especially if some of the places for sale are well established in urban areas, ”the analyst added in a note sent to his customers.
In its third-quarter results released last week, Cooch-Dart said it had built, relocated or refurbished 61 stores since the start of its fiscal year. As of January 31, a further 66 companies are under construction.
Cooch-Dort currently operates a network of more than 14,200 stores in Canada, the United States, Europe and Hong Kong.
On the Toronto Stock Exchange on Monday morning, the Class B stock of the Convenience Store and Petrol Operator traded 9 cents lower at 5 39.58.
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