Ampol in talks for sale and lease back of Z Energy sites

Ampol is said to be in advanced talks for the sale and lease back of approximately 50 Z Energy sites worth roughly $NZ140m.

The company believed to interested is Willis Bond, a property development and investment company run by businessman Mark McGuinness, reported The Australian.

Over the past 12 years, Willis Bond has raised over $NZ500m in development capital, of which $NZ361m has been committed to 26 development projects with an end value of $NZ2.3bn.

It is currently working on various projects across Wellington, Auckland, and Tauranga.

Last year, Ampol launched a $NZ2bn buyout of Z Energy, which has 481 total sites across the New Zealand. Ampol’s acquisition of Z Energy Limited recently received clearance by the New Zealand Commerce Commission (NZCC).

Matt Halliday, CEO and Managing Director of Ampol, highlighted the benefits a successful acquisition would bring to both the Australian and New Zealand markets.

“Z Energy is a logical growth opportunity for Ampol as both companies are market leaders in their respective home markets and have very similar business models. A successful acquisition would create an A&NZ leader in fuel, with significant regional scale and trusted and iconic brands on both sides of the Tasman.”

Z Energy is the market leader in New Zealand, with a 40 per cent share in fuel sales, and should the acquisition be successful would create the number one Trans-Tasman fuel player with 2,400 sites and 23.5bn litres of fuel sales annually.

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