Firm to buy 51 Z Energy properties in $132m deal

AUCKLAND: An unlisted property business plans to buy 51 Z Energy properties in New Zealand in a $132 million deal.

ASXlisted Charter Hall will hold almost half the shares in the business.

Australian fuels company Ampol, which owns Z Energy, said a deal had been struck for the proposed sale of the freehold properties.

Ampol said it proposed to sell the 51 freehold properties to an unlisted real estate vehicle in which Z Energy would own 51% and Charter Hall Retail REIT would buy 49%. The sites were not identified.

The inferred portfolio valuation was put at $269 million but the proposed sale price was put at $132 million.

The net proceeds after tax and other costs would be about $126 million. Initial rent is to be $15 million.

The deal is expected to be completed by the end of October, subject to conditions being met.

Z Energy will maintain control of the sites and lease them all back to the entity.

In March, the reported how the Commerce Commission had granted clearance to Ampol to buy NZXlisted Z Energy.

The offer valued Z Energy at $2 billion.

Clearance is subject to an undertaking from Ampol to sell Gull, the country’s thirdbiggest fuels company. Ampol said it would sell Gull to Australian investment firm Allegro for $572 million.

Shareholders in Z Energy voted in favour of the Ampol deal.

The scheme of arrangement was passed by the required majority of shareholders — 75% or more of the votes cast and more than 50% of the total number of Z Energy shares on issue.

The sale also had the support of the Z Energy board. New Zealand has more than 200 Z Energy service stations. — The