Charter Hall Retail REIT is buying an additional 17.5% stake in a portfolio of 225 convenience stores and service stations leased to the BP group.

The vendor is a partnership managed by Charter Hall, which bought a 49% stake in the portfolio two months ago for A$840m (€515.7m). The retail real estate investment trust owns a 30% stake in the portfolio.

The transaction cost has not been disclosed, but based on the December 2019 acquisition price, the 17.5% interest could cost at least A$147m.

To fund the purchase, the trust has embarked on an institutional placement priced at A$4.81 per unit, to raise A$90m.