The company said it would retain a majority 51 per cent interest in the 250 sites – half of its current network of 500 petrol stations nationally – and enter into long-term lease agreements for each service station.
The structure will allow Caltex to keep operational control of its core convenience retail network.
RBC Capital Markets energy analyst Ben Wilson estimates the real estate trust will have an end value between $900 million and $1.1 billion,potentially providing a $550 million fillip for Caltex.
Loading
The listed trust will receive rental payments from Caltex of up to $100 million in the first year.
Spinning off freehold property holdings has become a favoured method for large corporations to unlock cash in their business.
In August,Telstra offloaded 37 of its major communication exchanges into a 1.43 billion unlisted property trust that it will jointly own with a consortium led by real estate investor Charter Hall. The telco giant kept a 51 per cent controlling interest.