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Charter Hall and GIC acquire 49% stake in $1.4bn Ampol portfolio

Property & Development
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Arnold Bloch Leibler (ABL) has acted for Charter Hall on its acquisition - via a Charter Hall managed fund, with Charter Hall and GIC, Singapore’s sovereign wealth fund as investors - of a 49 per cent stake in the Ampol Property Trust.

On completion the Ampol Property Trust will own 203 Caltex branded convenience retail properties throughout Australia valued at approximately $1.4 billion in aggregate. Caltex Australia is rebranding to Ampol Australia, with the full transition of its 2000 sites expected to be completed by the end of 2022.

As reported in the Australian Financial Review, the sites will be leased back to Ampol and the Ampol Property Trust is expected to receive about $77 million in rental payments from Ampol in the first year.

The ABL team advising Charter Hall was led by partners Tyrone McCarthy and Gia Cari, and included lawyer Emma MacPhee and law graduate Tamsen Kempster.

Gia congratulated Charter Hall on the transaction: “Throughout this time of uncertainty, our client has continued to find high value opportunities in core real estate sectors that generate strong returns for its investors”. Tyrone further commented: “We are delighted to have assisted Charter Hall in successfully executing on this transaction. It’s a credit to all involved that this was achieved during the ongoing COVID-19 pandemic and, in the case of Victoria, stage 4 lockdown.”

In Charter Hall’s announcement, 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.”

This year, ABL also advised Charter Hall on the development and long-term lease of two new high-tech Coles Customer Fulfilment Centres to be built in Melbourne in Sydney. Read more here.

About Arnold Bloch Leibler

Arnold Bloch Leibler is a premium Australian commercial law firm renowned for advising clients on their most important transactions, commercial issues and disputes. From offices in Melbourne and Sydney, the firm provides advice to a diverse range of entrepreneurial Australian listed companies, family businesses, high-net-worth individuals and international corporations. The firm also has a dedicated pro bono practice providing advice on social, environmental and cultural issues to more than 150 charitable and not-for-profit organisations.

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