Business
ARKO Corp. Subsidiary GPM Investments Secures $1.15 Billion Real Property Commitment from Oak Street Real Estate Capital
Agreement shows strength of GPM’s successful growth strategy RICHMOND, Va., April 13, 2022 (GLOBE NEWSWIRE) -- GPM Investments, LLC, a wholly owned subsidiary
About this update from Arko Corp.
[{"type":"text","content":"Agreement shows strength of GPM’s successful growth strategy\nRICHMOND, Va., April 13, 2022 (GLOBE NEWSWIRE) -- GPM Investments, LLC, a wholly owned subsidiary of ARKO Corp. (Nasdaq: ARKO), extended its existing $1 billion agreement with Chicago-based real estate investment firm Oak Street Real Estate Capital, a division of Blue Owl Capital (\"Oak Street\") by one-year, and the extended agreement provides aggregate availability in the amount of $1.15 billion during the second year of the term. ARKO and Oak Street extended by one year an agreement originally signed in May 2021, in which Oak Street agreed to purchase and lease real estate to GPM or its affiliates. In addition to the $253 million of real estate purchased by Oak Street under the agreement, and the $130 million of real estate expected to be purchased in the recently announced acquisition of the fleet fueling card lock and distribution assets of Quarles Petroleum, Oak Street has committed up to $1.15 billion for the second year of the term, subject to the terms and conditions of the agreement. GPM is one of the largest convenience store chains in the United States, having executed twenty acquisitions since 2011, with 1,406 convenience stores in a unique community of brands and 1,628 wholesale sites that employ over 11,000 people in 33 states and the District of Columbia. The company recently announced its planned acquisition of Quarles Petroleum, marking its 21st acquisition, which is currently expected to close in the second quarter of 2022. “Working with Oak Street has given us significant dealmaking flexibility,” said Arie Kotler, President and Chief Executive Officer of ARKO. “We plan to continue our highly successful acquisition model with even more creative solutions for sellers, who we believe recognize that we are an acquirer of choice because of our proven strategy of preserving strong local brands while closing deals at highly attractive multiples.” “We have had a great experience with ARKO and are excited to enter phase two of our partnership with them,” said Marc Zahr, Founder and President of Oak Street. To learn more about GPM stores, visit: www.gpminvestments.com. To learn more about ARKO, visit: www.arkocorp.com. About ARKO Corp. and GPM Investments, LLC1 ARKO Corp. (Nasdaq: ARKO) owns 100% of GPM Investments, LLC and is one of the largest operators of...