Charter Hall and GIC acquire $682m stake in $1.4bn Ampol portfolioright-arrow
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by Charter Hall Announcements

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Charter Hall Group (ASX:CHC) announces that it has created a partnership with GIC, Singapore’s sovereign wealth fund, to acquire a 49% stake in the Ampol Property Trust which will own 203 convenience retail properties throughout Australia.

The Ampol portfolio will have initial lease terms ranging from 11 through to 22 years, a 19.2 year WALE and 10 year initial option terms, plus multiple 5 year options thereafter. The properties will be subject to CPI annual rent reviews, with minimum 2% and maximum 5% increases per annum.

Charter Hall Group will own 5% or $34 million of the Charter Hall partnership, or a look through interest of 2.45% in the Ampol portfolio.

Managing Director and Group CEO David Harrison said:

“This off market transaction follows regular dialogue with the Ampol team over the past 2 years and reinforces our confidence in the convenience retail sector. The extension of our 15-year relationship with GIC further grows the breadth of this multi- sector relationship and reflects our strong market position and continued conviction for Long WALE assets with strong underlying investment fundamentals.”

Announcement authorised by the Chair and Managing Director and Group CEO

Click here to view ASX announcement