Ampol agrees to sell 49 per cent of Z Energy properties

Ampol has announced it has entered into an agreement for Charter Hall REIT to acquire a 49 per cent interest of 51 Z Energy properties.

The transaction is an extension of Ampol’s partnership with Charter Hall in Australia and will deliver approximately NZ$126 million in net proceeds, based on a weighted average capitalisation rate 5.5 per cent.

“Z Energy will maintain strategic and operational control of the sites and lease all sites back under long-term triple net lease arrangements. The property vehicle is also intended to remain ungeared and is expected to be consolidated for accounting and ratings purposes,” said the fuel provider in a statement.

The transaction is expected to be completed by the end of October 2022, and the net proceeds to be used for general corporate purposes and in line with Ampol’s Capital Allocation Framework.

Ampol completed the acquisition of Z Energy in May this year for NZ$2 billion, with Matt Halliday, Managing Director and CEO of Ampol, stating that the combination of Ampol and Z Energy would bring considerable benefits to New Zealand while maintaining Z Energy’s unique position as the leading fuel and convenience provider in New Zealand.

“Z Energy provides the platform for Ampol to grow its presence in the New Zealand market providing additional value for Ampol’s shareholders,” said Halliday.

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