Locke fuels portfolio growth with £50m forecourt deal

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OIL tycoon Alasdair Locke has added a further 54 sites to his petrol station empire in a £50 million-plus deal.

Aberdeen-based Locke, with investment partner Patron Capital Partners, has bought the portfolio with backing from Royal Bank of Scotland’s Scottish property finance team.

It is understood a number of the sites, which all include convenience outlets, are in Scotland although no more details on the deal or the seller have been released.

In 2011 Locke and Patron also acquired Motor Fuels Group which owns 58 petrol filling stations and convenience stores located throughout the UK.

The latest acquisition was completed via a joint venture company established by Locke and private equity house Patron, which recently acquired a stake in Edinburgh housebuilder Cala.

Patron is one of the leading property managers in Europe. with some £2 billion of capital across several funds and co-investments.

Stuart Heslop of RBS’s corporate and institutional banking team said: “These parties coming together on this transaction will herald an exciting few years ahead and we look forward to supporting their plans to develop the portfolio.”

Earlier this month Locke, who pocketed nearly £120m from the sale of Aberdeen-based Abbot Group in 2007, emerged as one of the backers of tabloid veteran David Montgomery’s latest media venture.

Locke is an investor in Local World which has brought together publishers Northcliffe, formerly owned by Daily Mail and General Trust (DMGT), and Iliffe News & Media.

As well as Locke and Montgomery, investors in the venture include DMGT and Trinity Mirror, owner of the Daily Record and Sunday Mail.