Allens advises BP on property partnership with Charter Hall

Allens has advised BP on a new $534 million unlisted property fund for convenience retail properties in New Zealand, 49 per cent of which will be sold to a Charter Hall consortium.

The fund will be used to acquire and hold the majority of BP’s owned convenience retail properties in New Zealand, which are leased back on long-term leases to BP Oil New Zealand Limited.

As part of the transaction, BP will sell a 49 per cent interest in the fund to a consortium of the Charter Hall Long WALE REIT and the Charter Hall Retail REIT.

‘We were delighted to work closely with BP as it extended its partnership with Charter Hall, one of Australia’s leading owners and managers of convenience retail assets,’ said lead Partner Charles Ashton.

‘This acquisition builds on our close relationship with BP, having previously advised BP on the creation of its inaugural $1.7 billion Australian unlisted property fund in partnership with Charter Hall last year.’

Simpson Grierson acted as NZ legal counsel.

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