Euro Garages founders Mohsin and Zuber Issa have agreed a $1.5bn sale and leaseback deal for their retail and petrol station empire, in the US.
The billionaire brothers started out with a single petrol station, in Bury, in 2001 and they are now worth a combined £4.73bn, according to the latest Sunday Times Rich List. However, as of September 2022, EG Group's net debt stood at £9bn.
EG Group has now announced the disposal of a portfolio of its sites on the east coast of the US to real estate investment trust Realty Income Corporation - with the deal expected to be completed in the second quarter of 2023. The portfolio, which EG America will continue to operate and trade, comprises 415 store assets under the Cumberland Farms, Fastrac, Tom Thumb and Sprint banners, Business Live reports.
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