Coles offloads Coles Express Service Stations to Viva

On 21 September 2022 supermarket chain Coles announced the sale of their ‘Coles Express’ branded service stations to Viva Energy.

Coles announced it will receive $300 million for the sale of their 710 leasehold service stations, equating to $422,535 per site and freeing the supermarket chain of approximately $800 million in lease obligations.

The deal will see Viva take full ownership of the freehold and leasehold of their sites, which are expected to be rebranded in the first half of 2023.

Viva stated after taking into account working capital and existing fuel stock, the net impact of their acquisition is ~$143 million.

The deal is expected to be completed in the latter half of FY22, pending approval from the Australia Competition and Consumer commission (ACCC).