Ampol to sell 49% of its Z Energy properties in New Zealand – PetrolPlaza.com

The Australian company will sell the assets to investment management firm Charter Hall for approximately $80.94 million.

Ampol has announced it will sell 49% of its New Zealand-based properties of its Z Energy subsidiary for roughly $80.94 million. The company confirmed that it found a buyer in management firm Charter Hall Retail REIT for the 51 properties across the country.

According to a recent report by Reuters, the fuel retailer has stated that the assets would be transferred to an unlisted property vehicle. While Charter Hall will obtain 49% ownership, Z will still hold 51% of the property as well as strategic and operational control of locations. In addition, the brand will lease all sites back under long-term triple net lease arrangements.

Ampol has confirmed the deal to be part of its partnership with Charter Hall in Australia, as well as being in line with its strategy to maximise opportunities for its core freehold sites. The company also announced that this transaction is expected to deliver about $75.25 million in net proceeds.

Z Energy was founded in 2011, after Infratil Limited and Guardians of New Zealand Superannuation bought the Aotearoa fuel business. By 2016, the brand became the wholesale fuel supplier to the network of Caltex-branded service stations. Last year, Z entered a scheme of arrangement with Ampol Limited and, since May of 2022, it has become a wholly owned subsidiary of Ampol Group until now.

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Ampol to sell 49% of its Z Energy properties in New Zealand - PetrolPlaza.com