Charter Hall Group – Extending the “bp Partnership” – Creation of NZD $262 million bp NZ Fundright-arrow
read-time2 mins
by Charter Hall Announcements

To access this part of the website, please select your country of residence from the following list.

The country of my primary residence is:

Due to legal restrictions, access to this website is only available to residents of Australia and New Zealand from within Australia or New Zealand. In order to access this website, you must provide the State, Territory or Province and postcode for your primary residential address within Australia or New Zealand.

The State or Territory of my primary residence in Australia or the Province of my primary residence in New Zealand is:

Due to legal restrictions, access to this website is only available to residents of Australia and New Zealand from within Australia or New Zealand. In order to access this website, you must provide the State, Territory or Province and postcode for your primary residential address within Australia or New Zealand.

The State or Territory of my primary residence in Australia or the Province of my primary residence in New Zealand is:

By proceeding you confirm that you are a resident of Australia or New Zealand accessing this website from within Australia or New Zealand and you represent, warrant and agree that:

  • you are not in the United States or a “U.S. person”, as defined in Regulation S under the U.S. Securities Act of 1933, as amended (“U.S. Person”), nor are you acting for the account or benefit of a U.S. Person;
  • you will not make a copy of the documents on this website available to, or distribute a copy of such documents to, or for the account or benefit of, any U.S. Person or any person in any other place in which, or to any other person to whom, it would be unlawful to do so; and
  • the state, territory or province and postcode provided by you below for your primary residence in Australia or New Zealand are true and accurate.

I agree to the above terms Yes or No.

Unfortunately, legal restrictions prevent us from allowing you access to this website. If you have any questions, please contact us by e-mail by clicking on the link below.

Contact Us

Charter Hall Group (ASX:CHC) announces that it has extended its Partnership with global multinational corporation “bp”, by creating a new fund that has contracted to acquire a 49% interest in a NZ $534 million portfolio of 70 triple net leased (NNN), Long WALE Convenience Retail properties leased to bp in New Zealand.

The portfolio, consisting of the majority of bp’s owned Convenience Retail properties in New Zealand, has been acquired in a sale and leaseback transaction and will have a 20-year WALE at acquisition with initial lease terms of properties in the portfolio ranging from 18 to 22 years.

The portfolio is geographically diversified with 78% of the portfolio in metropolitan locations and 72% located in NZ’s top 3 cities, with Auckland representing 51% of the portfolio value.

The Charter Hall managed fund will be owned 50% by Charter Hall Long WALE REIT (ASX: CLW) and 50% by Charter Hall Retail REIT (ASX: CQR). The fund value is approximately NZD $262 million and represents a 6.25% initial yield.

Completion of the transaction is subject to approval by the New Zealand Overseas Investment Office.

Managing Director and Group CEO David Harrison said:

“This off market transaction further extends our relationship with bp, builds upon the success of our Australian Partnership and demonstrates our conviction in NNN leased Long WALE convenience retail.”

Announcement Authorised by the Chair and Managing Director and Group CEO

Click here to view ASX Announcement