01, March 2018
Caltex to end franchise system as profit rises


Debate in the market around asset ownership options for Caltex has intensified since the successful spin-off of petrol station real estate trusts by Viva Energy, which bought Shell’s refining and marketing business in Australia, and by APN Property Group, the first such trusts involving that type of asset.

“It’s a relatively new concept for petrol stations but securitising retail sites is not new,” said Jason Teh at Vertium Asset Management, pointing to Westfield with Scentre Group, and Wesfarmers with its Bunnings stores.

“Potentially you can create more value by the ‘asset-light’ approach. I would support any strategy that will create shareholder value.”

Read full article in The Australian Financial Review

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