Realty Income Corporation (NYSE:O) signed a definitive agreement to acquire 414 Single-tenant Convenience Store Properties in the U.S. from EG Group Limited for $1.5 billion on March 6, 2023. EG America will continue to operate and trade the portfolio. The transaction is subject to customary closing conditions, approvals, and completion of due diligence.

The transaction is expected to close in the second quarter of 2023. The Group will use net proceeds to repay debt. EG was advised by Eastdil Secured, the global real estate investment bank, alongside Barclays, Latham & Watkins, Rothschild & Co, and EY.

Vered Rabia, Nickolas Gianou and George Knighton of Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor to EG Group Limited.