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Charter Hall Group (ASX: CHC or Group) today announces that it has sold a 17.5% stake in the BP Partnership to Charter Hall Retail REIT (ASX: CQR) for approximately $77 million. In 2019, the BP Partnership was created to acquire an $840m interest in a portfolio of BP leased convenience retail assets. At that time, the BP Partnership was owned 50% by Charter Hall Long WALE REIT (ASX: CLW) and 30% by CQR and 20% by the Group. Post today’s transaction, the BP Partnership will essentially operate as a joint venture between CLW and CQR, with a near equalisation of the ownership stakes between these funds. The BP Partnership Fund owns a 49% interest in 225 BP Long WALE Convenience Retail properties leased to BP Australia Pty Ltd.
The Group also announces that it has participated in a block trade undertaken by Viva Energy (ASX:VEA) of its holding in VIVA Energy REIT (ASX VVR) and has acquired a 5% stake in VVR alongside CLW, which has also acquired a 5% stake. Each 5% stake has been acquired for $2.66 per VVR security, totalling $103.5 million for each 5% stake in VVR.
Announcement authorised by both the Chair and Managing Director and Group CEO