Petrol station operator APN Convenience REIT is set to expand its network with a proposed $75 spending spree, according to a report Business News Australia.
The group will buy 13 petrol stations and convenience stores in South Australia, Western Australia, Queensland and the Northern Territory for a total consideration of $74.6 million, said the report.
The portfolio of sites to be acquired by AQR includes 10 brand new or under construction sites, plus two established sites leased to operators including 7-Eleven, Viva Energy, BP, Liberty, Mobil, Hungry Jacks, and KFC.
Of the 10 brand-new sites, three are expected to be completed by the end of 2019, and seven are to be completed between April and July 2020.
Following the proposed acquisition APN Convenience REIT will have 81 assets worth $428.1 million in total.
The company already boasts 100 per cent occupancy in each of its 68 currently operating service stations, and this is expected to continue post-acquisition.