Fund manager Charter Hall will take a near half-stake in a $490 million portfolio of BP fuel and convenience retail outlets in New Zealand, following on from a similar type of deal in Australia last year.
The sale and leaseback-style deal with BP gives Charter Hall a 49 per cent stake in a portfolio of 70 properties. Most of the service stations are in New Zealand's three largest cities. The average lease across the portfolio is 20 years.
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Nick Lenaghan edits the property section, which covers all aspects, from residential real estate and housing and construction to commercial property – office, retail, industrial – and major ASX-listed developers and real estate investment trusts. Connect with Nick on Twitter. Email Nick at nlenaghan@afr.com
