Australia's Ampol to sell 49% of Z Energy properties to Charter Hall

Ampol Ltd said property investment management firm Charter Hall Retail would buy 49% of a parcel of 51 properties from its subsidiary Z Energy for NZ$132 million ($80.94 million).

The New Zealand-based properties would be transferred to an unlisted property vehicle that will be 49%-owned by Charter Hall Retail REIT, while Z Energy would continue to hold 51% of the property vehicle, the company said.

Ampol said the deal is expected to deliver about NZ$126 million in net proceeds, and Z Energy would maintain strategic and operational control of the sites and lease all sites back under long-term triple net lease arrangements.

The deal is an extension of the partnership with Charter Hall in Australia and "is in line with Ampol's ongoing strategy to evaluate value maximising opportunities for its core freehold sites," the fuel supplier said.