Sale Near on £425 Million Portfolio of 180 Shell Service Stations in UK

RTÉ News - November 29, 2005

The Irish Times says that Dublin-based corporate finance house Ion Equity has entered the race to acquire the freehold interest in Shell's 180 filling stations in Britain.

The company that owns the portfolio, Octane, could cost as much as £425m. This includes debt of some £325m. The properties were put on the market last June by the owners of Octane, who acquired them from Shell in 2000. Octane is controlled by investors Robert and Vincent Tchenguiz and Ian and Richard Livingstone. The properties have an annual rent roll of about £26m under the terms of a leaseback arrangement with Shell that continues until 2017.

Selection of a preferred bidder is imminent and Ion Equity is said to be among the leading contenders for the portfolio. The others include the British property groups Miller Developments, Moorfield and REIT Asset Management, and the Isle of Man group Golfrate. Sphere: Related Content