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AMPOL LIMITED — Capital/Financing Update 2022
Aug 28, 2022
64361_rns_2022-08-28_120ab56a-b118-4832-b916-ee47e4a071d3.pdf
Capital/Financing Update
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29 August 2022
CHARTER HALL TO ACQUIRE 49% INTEREST IN Z ENERGY PROPERTIES
Ampol Limited (ASX/NZX:ALD) (Ampol) today announces that its wholly owned subsidiary, Z Energy Limited (Z Energy), has entered into an agreement for the sale of 51 freehold properties in New Zealand to an unlisted property vehicle in which Z Energy will continue to own 51% and Charter Hall Retail REIT will acquire a 49% minority interest. The transaction is an extension of the partnership with Charter Hall in Australia and is in line with Ampol’s ongoing strategy to evaluate value maximising opportunities for its core freehold sites.
The transaction is expected to deliver approximately NZ$126 million in net proceeds, based on a weighted average capitalisation rate of 5.5%. Z Energy will maintain strategic and operational control of the sites and lease all sites back under long-term triple net lease arrangements. The property vehicle is also intended to remain ungeared and is expected to be consolidated for accounting and ratings purposes.
The transaction is expected to complete by the end of October 2022, subject to satisfaction of certain conditions precedent.
The net proceeds will be used for general corporate purposes and in line with Ampol’s Capital Allocation Framework.
Key Transaction Details
| Key Transaction Details | |
|---|---|
| Number of sitesInterest divestedSale priceInferred portfolio valuationPortfolio capitalisation rateNet proceeds after tax and other costs | 5149%NZ$132 millionNZ$269 million (on a 100% basis)5.5%Approximately NZ$126 million |
| Initial rentAnnual rent escalation | NZ$15mCPI (2.0% floor, 5.0% cap) |
Authorised for release by : the Disclosure Officers of Ampol Limited.
AMPOL LIMITED INVESTOR CONTACT MEDIA CONTACT ACN 004 201 307 FRAN VAN REYK RICHARD BAKER HEAD OF INVESTOR RELATIONS HEAD OF CORPORATE AFFAIRS M +61 419 871 138 M +61 417 375 667 29-33 BOURKE ROAD T +61 2 9250 5000 T +61 2 9250 5369 ALEXANDRIA NSW 2015 [email protected] [email protected]
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