On Wednesday, Ampol confirmed the sale to Charter Hall Retail REIT (CQR) for $50.5 million on a cap rate of 5 per cent.
Ampol will own 51 per cent, while Charter Hall will acquire a 49 per cent minority interest.
Charter Hall Retail CEO Greg Chubb said the group is delighted to add another major convenience retailer to its portfolio.
“Today’s acquisition is consistent with our strategy of growing our exposure to market leading convenience retailers and further enhancing the resilience, growth and stability of CQR’s income,” Mr Chubb said.
“The [tripled net leased] NNN leased nature of these assets and Ampol’s ongoing co-ownership of this portfolio provides CQR investors with an attractive and capital efficient lease structure, while introducing a new partnership with a leading operator in the fuel and convenience sector.
“The high underlying land value and predominantly metropolitan location of the portfolio also provides significant long-term capital value upside.”
Ampol, which expects the sale to deliver $48 million in net proceeds, says it will maintain “strategic and operational control” of the sites.
The transaction is expected to be completed in February 2022.
