Charter Hall Group has completed a sale and leaseback transaction with hospital group Mater Misericordiae for A$122.5m (€74.7m) on behalf of its listed Charter Hall Social Infrastructure Fund.
It is the first investment in the healthcare sector for the A$1.3bn fund, whose main assets are childcare and early education centres.
Following the acquisition, the trust’s income from social infrastructure properties outside of childcare will increase from 4% to 11%.
The facility, located in inner Brisbane suburb of Newstead, is currently under construction and expected to be completed in the June 2021 quarter.
Mater, Queensland’s largest Catholic, not-for-profit health provider, is committed to a 10-year lease with two 5-year options.
David Harrison, Charter Hall group managing director and CEO said the addition of Mater as a major tenant customer within the group’s growing social Infrastructure portfolio further reinforced its commitment to deepen relationship with major providers.
“We have invested in this area near Brisbane CBD location for a decade. We developed the A$230m headquarters for Aurizon at 900 Ann Street, Fortitude Valley and the $240m Bank of Queensland anchored office project at Newstead nearby.”
Fund manager of Charter Hall Social Infrastructure Trust, Travis Butcher, said the investment was an “exciting” opportunity for trust to gain exposure to the highly resilient health sector and also opening up future partnership opportunities with Mater.”
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