Australia's Ampol to sell 49% of Z Energy properties to Charter Hall

Charter Hall Retail REIT

28/08/2022 23:14

Aug 29 (Reuters) - Australia's biggest fuel supplier Ampol
Ltd  ALD.AX  on Monday said property investment management firm
Charter Hall Retail REIT  CQR.AX  would buy 49% of a parcel of
51 properties from its subsidiary Z Energy for NZ$132 million
($80.94 million).
    The New Zealand-based properties would be transferred to an
unlisted property vehicle that will be 49%-owned by Charter Hall
Retail REIT, while Z Energy would continue to hold 51% of the
property vehicle, the company said.
    Ampol said the deal is expected to deliver about NZ$126
million in net proceeds, and Z Energy would maintain strategic
and operational control of the sites and lease all sites back
under long-term triple net lease arrangements.
    The deal is an extension of the partnership with Charter
Hall in Australia and "is in line with Ampol's ongoing strategy
to evaluate value maximising opportunities for its core freehold
sites," the fuel supplier said.
    

($1 = 1.6308 New Zealand dollars)

 (Reporting by Riya Sharma in Bengaluru; Editing by Sandra
Maler)
 ((Riya.Sharma@thomsonreuters.com;))