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Parkland puts 157 convenience store and fuel station locations up for sale



Fuel retailer Parkland Corp. has enlisted the help of two real estate firms to offload 157 of its gas and convenience store locations spread across six provinces.


Partnering with NRC Realty & Capital Advisors LLC and Colliers Canada, the Calgary-based company aims to find suitable buyers for these outlets. Among them are stations operating under familiar banners like Chevron, Ultramar, Pioneer, FasGas, and the On the Run convenience store brand.


The majority of these locations are situated in Quebec and Ontario, with the remaining found in Alberta, British Columbia, Manitoba, and Saskatchewan.


Francis Lapointe, Parkland's vice-president of Canadian retail operations, explained the rationale behind this decision. According to Lapointe, it's part of the company's continuous efforts in network planning and optimization. He emphasized that some sites no longer align with Parkland's long-term strategic goals in their current setup and could be better managed under different ownership.


These sites will be bundled with long-term fuel supply agreements from Parkland, making them appealing to experienced and entrepreneurial operators.


With 4,000 retail and fuel locations spanning Canada, the U.S., and the Caribbean, Parkland's decision to sell these outlets underscores its commitment to strategic refinement.


Moreover, Parkland owns and operates the Burnaby, B.C. refinery, a crucial facility responsible for supplying a quarter of the gasoline and diesel in the western province.


This move to sell gas and convenience store locations coincides with challenges on the corporate front. Engine Capital LP, an activist investor based in New York, has been pressing for a comprehensive board overhaul at Parkland.


Furthermore, the company witnessed the departure of two board members representing its largest shareholder, Simpson Oil, at the close of last year. Simpson Oil intends to explore its options to safeguard shareholder rights once restrictions under an existing agreement, limiting its ability to nominate and vote for board members at Parkland, lapse on March 31.


Parkland's upcoming annual general meeting, scheduled for Thursday in Calgary, will likely be closely watched amidst these developments.


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