28/09/2012 - General News
Nine Z Energy service station properties throughout New Zealand have been placed on the market for sale through Colliers International.
The properties, located in Tauranga, Rotorua, Ngatea, Paeroa, Te Aroha, Hawera and Opotiki in the North Island and Blenheim and Dunedin in the South Island, will all be leased back by Z and will remain in the company’s nationwide network of service stations under registered leases.
The operation of the sites and the associated businesses are not for sale and Z plans to maintain its presence in these neighbourhoods.
The properties are for sale by deadline private treaty closing on Wednesday 31 October 2012 (unless sold before the deadline date) on initial lease terms of three to 12 years.
Z’s Asset Manager Gail Calder said that the property sales are part of Z Energy’s long term plan to enable further investment in capital to support the growth of its core business.
“We’re selling the freehold interest in these properties to release capital for reinvestment in the business,” she says.
“It’s an opportunity for us to direct capital into building new sites, while at the same time keeping these stations operating under the Z brand as part of our network.”
The offering follows the successful sale and leaseback of eight Z service station properties earlier this year.
The properties will be marketed by Colliers International, who co-ordinated Z’s successful sale and leaseback programme last year.