Fawkner Property picks up service station portfolio

Waypoint REIT (WPR) has sold 31 service stations to Fawkner Property trusts for a total of $113.9 million.

The deal reflects a 10.1 per cent premium to December, 2020, book values.

It is subject to two groups – Viva Energy Australia and Coles – forfeiting a Rights of First Refusal to buy them on the same terms.

Twenty one of the properties (refer table below) are in regional locations.

More to come

Following settlement, WPR will have offloaded 34 convenience retail investments this calendar year; the result achieved – $121.9m – is 10.9pc over carrying value.

Twelve more assets of this type are expected to be offered before December.

“The disposals announced today demonstrate WPR’s commitment to active portfolio management, with continued strong demand at present for fuel and convenience assets providing a compelling opportunity…to realise attractive prices for non-core assets and improve overall portfolio quality,” chief executive officer Hadyn Stevens said (story continues below).

Valuations uplift

Waypoint also today announced it carried out independent valuations on 82 properties and directors’ appraisals on another 388 (including the 31 which Fawkner has just acquired).

A gross uplift of $189.8m was recorded for the six month period ended June 30.

The Weighted Average Credit Rating tightened 19 basis points to 5.37pc.

This table includes the assets selling to Fawkner Property:

The service stations Waypoint is selling Fawkner Property.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.