Herbert Smith Freehills is pleased to be advising Ampol on the establishment of an unlisted property trust that will own 203 core freehold convenience retail sites and the acquisition of a 49% minority interest in the trust by a Charter Hall and GIC consortium.
Ampol is one of the largest players in the Australian fuel market. Upon completion of the transaction, Ampol will hold a 51% controlling interest in the property trust, with all sites held by the property trust leased back to Ampol under triple net lease arrangements.
The Herbert Smith Freehills team was led by partners Robert Bileckij, David Sinn and Philippa Stone, who were supported by senior associates William Hickey, Niresha Mudalige and Japonica Sheridan, solicitor Jennie Bian, and graduate Benedict Cheung. Partner Jinny Chaimungkalanont and senior associate Jasmine Gharib advised in relation to stamp duty. Herbert Smith Freehills’ senior associate Stacia Super was seconded to the Ampol legal team to assist with the transaction.
Mr Bileckij said, “We are delighted to be advising Ampol on this milestone transaction, made possible through the significant work undertaken by the Ampol team and its advisers over the past year. The close collaboration between the Ampol and Herbert Smith Freehills teams was a highlight.”
Mr Sinn, who heads Herbert Smith Freehills’ Asia Pacific Real Estate practice added, “It was fantastic to advise Ampol on this transaction as it creates a long-term strategic alliance between Ampol and its new real estate partners, Charter Hall and GIC, and clearly demonstrates the confidence that institutional investors have in this segment of the Australian real estate market”.
The transaction is expected to complete by end of 2020, subject to a number of conditions precedent being satisfied.