Charter Hall Group has created a partnership with GIC, Singapore’s sovereign wealth fund, to acquire a 49 percent stake in the $A$1.4 billion ($1 billion) Ampol Property Trust, which will own 203 convenience retail properties throughout Australia. The sales price was A$682 million ($492 million).
Charter Hall Group will own 5 percent or A$34 million ($25 million) of the Charter Hall partnership, or a look-through interest of 2.45 percent in the Ampol portfolio.
David Harrison, managing director and group CEO, said, “This off-market transaction follows regular dialogue with the Ampol team over the past two 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.”
