Charter Hall Retail REIT (ASX:CQR)
is set to acquire a 49 interest in 20 Ampol Fuel & Convenience retail centres for $50.5 million on a 5 cap rate.
The remaining 51 per cent interest will be retained by petroleum giant Ampol (ASX:ALD)
. The deal will be funded by existing debt facilities and is expected to leave pro-forma gearing at 34 per cent.
"Today’s acquisition is consistent with our strategy of growing our exposure to market leading convenience retailers and further enhancing the resilience, growth and stability of CQR’s income," said Charter Hall's CEO Greg Chubb.
Charter Hall REIT also said it now expects FY 2022’s earnings per share to finish at the top of its prior guidance range between 27.8 and 28.2 cents per share. Full-year dividends are expected to be no less than 24.3 cents per share.
The transaction is expected to settle in February next year.
Shares in Charter Hall Retail REIT (ASX:CQR)
are trading 1.2 per cent lower at $4.11.