7/25/2023 0 Comments Caltex petrol station![]() The cost of the rebrand is estimated to be about $165 million over a three-year period. ![]() The company says the branding transition will involve some additional marketing operating costs to relaunch the brand but will ultimately deliver cost savings from the removal of annual trademark licence fees of between $18 million and $20 million. This includes capturing benefits from cost synergies of rebranding during the rollout.” “The transition to Ampol also supports our evolution into a growing regional fuels and convenience business and will allow us to invest and build equity in a company-owned brand as we continue the rollout of our retail strategy. “Our market research confirms that Ampol continues to be regarded as a high-quality and trusted brand by Australian consumers and resonates across our key customer segments. “Ampol is an iconic brand in Australia and reflects our deep Australian heritage and expertise,” said Mr Segal in a statement. Managing Director and CEO of Caltex, Julian Segal, said the change to the Ampol brand better reflects the organisation’s Australian history, independent operations and position as the country’s leading transport fuels provider. ![]() The decision to rebrand to Ampol was taken, the company says, following a detailed brand review and will see the Ampol name return to Aussie service after being retired when, in 1997, and following Ampol merging with Caltex, the company became Caltex Petroleum Australia. ![]() Caltex has continued exclusive use of the Caltex brand for the notice period and first 18 months of the work out period. The announcement comes after the company said it had received a termination notice from Chevron Corporation regarding its current licence agreement for use of the Caltex brand in Australia.Īccording to Caltex Australia, 18 months of discussions had taken place with Chevron regarding the future of the licence agreement, and that agreement provides for a three-year transition period consisting of a six-month notice period and 30-month work out period. To read the digital edition of the latest IPE Real Assets magazine click here.Caltex Australia will rebrand to Ampol over the next three years. GIC’s relationship with Charter Hall goes back 15 years. GIC and Charter Hall acquired the assets from Brookfield for A$450m. Most recent of these was the purchase of an office building with retail, known as the Jessie Street Centre, in Parramatta, the key business centre of Sydney’s western suburbs. It has also mandated Charter Hall to seek out other suitable Investments in Australia, resulting in a string of transactions. GIC has recently been acquiring small neighbourhood convenience shopping centres in Australia through Perth-based Primewest. Charter Hall purchased the BP stations at a price reflecting a 5.5% yield. Investment banking sources said the final offer for the Caltex assets was a price that would equate to a yield of between 5.3% and 5.5%. The situation was complicated when Canada’s Alimentation Couche-Tard made a takeover offer for the fuel refiner and retailer, before deciding not to pursue the deal when COVID-19 hit. Like the BP service stations, which are leased back to BP for 25 years, the sale-and-leaseback deal with Ampol, formerly Caltex, will come with long-dated leases.Ĭharter Hall is reported to have been courting Caltex, which is rebranding in Australia as Ampol, to buy into the service station portfolio for more than a year, but price was the sticking point. Last December, CQR and its sister trust, Charter Hall Long WALE REIT, partnered with their manager, Charter Hall, in the purchase of a 49% stake in the BP service stations for A$840m.Ĭharter Hall topped up its interest with an additional 17.5% stake, purchased in February this year for at least A$147m. Among its assets is a 30% stake in a portfolio of 225 convenience stores and service stations leased to BP. A source said these assets were best suited to a retail trust.ĬQR currently manages a A$4bn convenience-based Australian retail portfolio. IPE Real Assets understands that a Charter Hall fund, most likely the listed Charter Hall Retail Fund (CQR), will co-invest with GIC in the portfolio of Caltex service stations. Sources told IPE Real Assets an announcement on the transaction is imminent. Singapore’s GIC has stepped up its investment in Australia as it backs Charter Hall Group in the purchase of a 49% stake in 250 service stations/convenience stores, operated under the Caltex brand, for around A$1bn (€610m).
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