Charter Hall acquires stake in BP Australia

Property investment and funds management company Charter Hall have announced plans to acquire a 49% stake in BP Australia retail sites.

The $840 million deal will see the company take a managed partnership in the $1.7 billion portfolio of 225 long weighted average lease expiry (WALE) convenience retail properties currently leased to BP Australia.

The sites, which consist of the majority of BP owned convenience retail properties, have a WAVE of 20 years and staggered lease expiries between 18-22 years.

The partnership will be split as Charter Hall Retail REIT (30%) and Charter Hall Long WAVE REIT (ASX: CLW) (50%) and Charter Hall Group (ASX: CHC) (20%).

The Charter Hall Retail REIT is reported at $137 million, to be funded through asset divestments.






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