Q8 developed a network of 400 gas stations in Belgium, in part through acquisitions of BP and Aral. Many are rented, representing a considerable cost. Freestone Transact carried out a project for Q8 to benchmark a number of these stations in terms of rental costs and to perform a stay-or-leave analysis.
The assignment started in 2015 and lasted around 12 months. As there were few traditional market data available for this type of property, an analysis was carried out on the basis of internal benchmarks, contractual expiry dates, a profile analysis of the owners and of the local circumstances regarding competition, accessibility, etc. This way, a scope of 30 stations was defined.
Freestone Transact visited every location and had a conversation with the owners. The points of attention for each station were raised and the rent level was put on the table. In addition, the priorities were set based on the expiry dates within each contract.
Freestone's intervention resulted in a saving of around 10% within the contracts covered, which resulted in an attractive recurring rental saving for Tui. Freestone handled every file in its entirety and was responsible for the commercial settlement, including the development of addenda or new lease contracts.