Ampol Announces Agreement For A Charter Hall And GIC Consortium To Acquire A 49% Interest In 203 Core Freehold Convenience Retail Sites
Ampol Limited (Ampol) (ASX:ALD) today announces the establishment of an unlisted property trust that will own 203 core freehold Convenience Retail sites. The property trust will receive approximately $77 million in rental payments from Ampol in the first year (on a 100% basis).
As part of the transaction, a Charter Hall and GIC consortium will acquire a 49% minority interest in the property trust for $682 million, reflecting a weighted average capitalisation rate of 5.5% and valuing the entire property trust at $1.4 billion.
Matt Halliday, Ampol’s Managing Director and CEO said “Following the completion of our retail network review in 2019, we identified the opportunity to unlock the value of our high-quality retail property assets through a transaction that would demonstrate value, whilst importantly allowing Ampol to retain strategic and operational control over our core Convenience Retail network.
“Today’s announcement was made possible by the significant amount of work undertaken over the past year and represents the successful execution of the strategy communicated to the market in late 2019. The transaction represents compelling value in volatile market conditions.”
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