An unlisted property business plans to buy 51 Z Energy properties in New Zealand in a $132 million deal.

ASX-listed Charter Hall will hold almost half the shares in the business.

Australian fuels company Ampol, which owns Z Energy, said a deal had been struck for the proposed sale of the freehold properties.

Ampol said it proposed to sell the 51 freehold properties to an unlisted real estate vehicle in which Z Energy will own 51 per cent and Charter Hall Retail REIT will buy 49 per cent.

The sites were not identified.

The inferred portfolio valuation was put at $269m but the proposed sale price was put at $132m. The net proceeds after tax and other costs at around $126m.

Initial rent is to be $15m.

The deal is expected to be completed by the end of October, subject to conditions being met.

Ampol plans to use the proceeds for what it called 'general corporate purposes'.

Z energy will maintain control of the sites and lease them all back to the entity.

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In March, the Herald reported how the Commerce Commission had granted clearance to Ampol to buy NZX-listed Z Energy.

The offer valued Z Energy at $2 billion.

Clearance is subject to an undertaking from Ampol to sell Gull, the country's third-biggest fuels company. Ampol said it would sell Gull to Australian investment firm Allegro for $572m.

Shareholders in Z Energy voted in favour of the Ampol deal.

The scheme of arrangement was passed by the required majority of shareholders – 75 per cent or more of the votes cast and more than 50 per cent of the total number of Z Energy shares on issue.

The sale also had the support of the Z Energy board.

New Zealand has more than 200 Z Energy service stations.