Following the valuation, the U.S.-based Chevron Corp. and Norsk Hydro ASA announced the sale of their joint Hydro Texaco gas station chain to Norway's Reitan Servicehandel group. Our portfolio review included the provision of strategic advice in relation to the value of the portfolio for existing use, together with an appraisal of the latent development value of the property base. When considering a disposal of this nature, it is essential that the Company is aware of the true underlying value of its property assets, for alternative use, which can frequently far exceed the value of the properties for their existing use.

Contact GS: Calum Campbell - ccampbell@g-s.co.uk