BP’s $534 Million Property Partnership With Charter Hall


Allens has advised BP on the deal.

The transaction conerned 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.

Allens team included Charles Ashton (Picture – Lead Partner), Harry Beardall (Senior Overseas Practitioner), Patrick Mc Gregor (Senior Overseas Practitioner) and Ally Hammond (Lawyer), Marc Kemp (Partner) and Anisha Desor (Senior Overseas Practitioner), Mark Kidston (Partner) and Natalie So (Overseas Practitioner) and Craig Milner (Partner).

Simpson Grierson acted as NZ legal counsel.

Involved fees earner: Charles Ashton – Allens; Ally Hammond – Allens; Marc Kemp – Allens; Mark Kidston – Allens; Craig Milner – Allens;

Law Firms: Allens;

Clients: British Petroleum;

Author: Michael Patrini