Charter Hall buys half stake in BP's properties

Thu, 10 Sep 2020

Australian property fund management firm Charter Hall has acquired a half stake in BP’s New Zealand retail property portfolio for $262 millionCharter Hall has put together a fund to buy 49 percent of a portfolio of 70 properties to be leased back to BP in New Zealand. BP will keep a 51 percent stake in the portfolio.The portfolio consists of the majority of the fuel retailer’s owned properties in New Zealand, which have been acquired in a sale and leaseback transaction. The properties have a 20-year weighted average lease expiry wit...

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