Charter Hall Group (ASX:CHC) has extended its Partnership with global multinational corporation “bp” and are looking to buy into a portfolio of 70 petrol statios in New Zealand.
They are creating a new fund that has contracted to acquire a 49 per cent 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 is geographically diversified with 78 per cent of the portfolio in metropolitan locations and 72 per cent located in NZ’s top 3 cities, with Auckland representing 51 per cent 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 per cent initial yield.
Shares in Charter Hall Group (ASX:CHC) are trading 0.16 per cent higher at $12.43.