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Charter Hall Retail acquires Ampol interests

Charter Hall Retail acquires Ampol interests

Ampol has announced Charter Hall Retail will acquire a 49 per cent interest in 20 core freehold convenience retail sites.

The agreement between the two companies is part of Ampol’s ongoing strategy to evaluate value maximising opportunities for its core freehold sites.

The transaction, which had a sale price of $50.5 million, is predicted to produce Ampol around $48 million in net proceeds.

The estimate is based upon a weighted average capitalisation rate of 5 per cent.

Ampol has also inferred the portfolio valuation to be $103.1 million on a 100 per cent basis.

The transaction, which is predicted to be finished in the first quarter of 2022 subject to an array of conditions, will involve Ampol keeping operational and strategic control of the sites.

Ampol will also lease all sites back under long-term triple net lease arrangements.

In the announcement, the company said it will use the net proceeds for general corporate purposes and in line with Ampol’s Capital Allocation Framework.

This may involve partially funding the acquisition of the New Zealand fuel company Z Energy, which was announced in October.

Ampol recently acquired 100 per cent of Z Energy’s shares, which cost Ampol $2 billion.

Partly funding Z Energy Limited is also subject to Z Energy shareholder and New Zealand regulatory approvals.

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