North America | Cooch-Dort sells 49 sites and puts 306 up for sale

North America |  Cooch-Dort sells 49 sites and puts 306 up for sale

. An analyst.

Julian Arsenal
The Canadian Press

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.

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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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About the Author: Cory Weinberg

Cory Weinberg covers the intersection of tech and cities. That means digging into how startups and big tech companies are trying to reshape real estate, transportation, urban planning, and travel. Previously, he reported on Bay Area housing and commercial real estate for the San Francisco Business Times. He received a "best young journalist" award from the National Association of Real Estate Editors.

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