Busy fund manager Fawkner Property has closed out its latest unlisted commercial real estate vehicle after acquiring a national portfolio of 29 fuel and convenience outlets, both city and regional, for $141.8 million from their ASX-listed owner, Waypoint REIT.

The off-market deal was struck on a healthy 6.03 per cent capitalisation rate, akin to an investment yield, with an average lease expiry of beyond nine years. All of the service stations, branded with Shell Coles Express, have fixed 3 per cent rental increases, boosting the potential return for their new owner.

Investors looking for secure returns have pushed prices higher over the past two years for well-leased convenience and small retail assets, with the yields on some fuel outlets sold at auction falling below 5 per cent.

It is the second major transaction Melbourne-based Fawkner has struck with Waypoint in recent months, after acquiring a 31-asset portfolio of outlets for $113.9 million last year.

The deal will help Fawkner close out the latest in its series of essential services-based unlisted funds, which typically include a number of small convenience outlets grouped in a portfolio with a larger mall.