Cepsa and Ballenoil: The keys to a purchase that strengthens the market for petrol stations
The acquisition was completed by June 2024. We review the operation and its meaning for the analysis of service stations as an investment asset.
Reference period: Agreement announced in November 2023 · procurement completed on June 12 2024
On November 13, 2023, Cepsa announced an agreement to acquire Ballenoil with more than 220 stations at that time. The CNMC authorized the operation with commitments in May 2024 and its communiqué referred to a network of 249 stations and independent management for at least 3 years. The 2024 Consolidated Annual Accounts confirm the acquisition of 100% of Ballenoil, S.A. on June 12, 2024. The approach announced by Cepsa intended to preserve the brand and economic price model of Ballenoil, along with a gradual introduction of electric vehicle charging and biofuel sales. They are the milestones of an operation that has been put into place, and they are not an announcement of a new purchase. Cepsa presented its new brand, Moeve, in October 2024.
From a real estate perspective, this operation helps to understand the consolidation of service station operators and their network development. For the owner of a rental property, the analysis should focus on who signs the contract, its duration, guarantees, rent reviews and the share of investments and maintenance. The acquisition of a company does not by itself mean that its parent company guarantees all leases or that the terms and conditions of each contract will automatically change. At Investment Group we address these assets by combining commercial site review with its documentation study: accessibility, urban use, licenses, installations and environmental obligations. The strength of a brand provides context and the value of each investment depends on the specific conditions of the property and rental.
Editorial interpretation by Investment Group.
MOVE · Consolidated Annual Accounts 2024
Cepsa · Agreement announcement, November 13, 2023