Join our daily newsletter At The Bell to receive exclusive market insights
- Ampol (ALD) has announced the sale of 20 care freehold convenience retail sites to Charter Hall Retail REIT (CQR)
- The company will reportedly receive approximately $48 million in net proceeds and will retain a majority stake in the sites, with Charter Hall to hold a 49 per cent stake
- Ampol says it will maintain strategic and operational control of the sites and lease all sites back under long-term triple net lease arrangements
- The transaction between the two parties is expected to be finalised early next year
- APL shares are trading down 0.59 per cent at $28.50
Ampol Limited (ALD) has announced the sale of 20 core freehold convenience retail sites to Charter Hall Retail REIT (CQR)
The company will retain a 51 percent stake while Charter Hall will acquire a 49 per cent interest.
The transaction is expected to deliver Ampol approximately $48 million in net proceeds, based on a weighted average capitalisation rate of 5 per cent.
Upon completion of the transaction, Ampol says it will maintain strategic and operational control of the sites, and lease all sites back under long-term triple net lease arrangement.
The transaction is expected to be complete in Q1 2022, subject to a number of conditions precedent being satisfied.
The net proceeds will reportedly be used for general corporate purposes and in line with Ampol’s capital allocation framework, which may include partly funding the acquisition of Z Energy Limited.
The company said the transaction forms part of its ongoing strategy to evaluate value maximising opportunities for its core freehold sites.
Shares in Ampol were trading down 0.59 per cent at $28.50 at 12:52 pm AEDT.
