Angelo Del Borrello’s property group, Acure Asset Management, has announced BP Australia as the new operator for its four regional roadhouse properties in Western Australia, six months after the previous operator, Outback Travel Centres, was placed into administration.
The group announced today that BP had entered into long-term leases for four truck stop facilities Acure, as trustee, owns on behalf of its investors in the north-west at Carnarvon, Karratha, Port Hedland and Newman.
Mr Del Borrello, founder and managing director of Acure, said the agreement with experienced operator BP ensured the long-term future of the facilities network and demonstrated a commitment to the region and local employment.
“Acure is very pleased to have negotiated long-term lease agreements for these four properties with such a large and experienced tenant. It is also proud of its success in keeping the doors open,” he said.
The roadhouses were previously managed and leased by Outback Travel Centres, which went into voluntary administration in June on the basis it was likely to become insolvent, claiming a significant decline in revenue coupled with high rental costs as factors that had made the company’s financial position unsustainable.
The four properties are part-owned by four unit trusts.
Business News reported in June that investors had pumped $22.5 million into the four related property trusts, with investors offered high yields; Outback Unit Trust 2, which has an interest in the Carnarvon and Newman proprerties was forecasting an average distribution of 15.8 per cent over seven years.
The trusts owned 80 per cent of the Carnarvon and Newman properties, 49 per cent of Port Hedland and 45 per cent of Karratha.
OTC founder Craig Mitchell’s holding company, Outback Network, owned the balance at the time of that reporting.
Further details on the status for investors or the Outback Travel Centre’s holding of the properties are yet to be provided.
BP took control of all four properties on November 29.
“The deal is testament to Acure’s focus on delivering stable, long-term returns for its investors and was made possible by our team’s comprehensive knowledge of the commercial property sector and commitment to identifying quality replacement tenants and concluding appropriate commercial agreements on behalf of its investors,” Mr Del Borrello said.
