Connection Capital and Riverside Capital announced the acquisition of a convenience store and petrol filling station in Sittingbourne, Kent on October 18th.
| Acquirer | Connection Capital and Riverside Capital |
| Target | A receiver (on behalf of the previous owner’s lending bank) |
| Deal Value | $3m |
| Type | Acquisition |
| Closing Date | Not disclosed |
Deal Mechanics
The convenience store and petrol filling station, located in Sittingbourne, Kent, was acquired by Connection Capital and Riverside Capital. The property is now owned freehold under a lease that expires in 2028.
Strategic Rationale
Connection Capital and Riverside Capital aim to provide their investors with stable income through the acquisition of this prime site convenience store and petrol filling station. The asset was acquired from a receiver following a covenant breach by the previous owner’s lending bank, offering an opportunity for secure unbroken income over 15 years.
Financial Context
The property has been valued at $3 million. Despite the acquisition price being lower than in some competitive bids due to the legal complexities involved with the previous covenant breach, both Connection Capital and Riverside Capital see significant potential for growth and revenue generation over the long term.
Advisors
The deal was executed by Connection Capital and Riverside Capital as part of their ongoing investment strategy. Buy-side advisors were Connection Capital and Riverside Capital themselves.