Charter Hall buys two childcare property portfolios for $134 million

Charter Hall buys two childcare property portfolios for $134 million

Charter Hall’s Social Infrastructure REIT (ASX: CQE) has today announced the acquisition of two childcare portfolios comprising 21 properties for a total purchase price of $134.3 million.

The acquisition will grow CQE’s footprint in the Western Australia and Melbourne markets, and push the REIT’s total assets under management to nearly $2 billion.

Included in the purchase is the Western Australia Bowman Group Childcare Portfolio which comprises 18 operating childcare centres, with 13 located in Perth and the remaining five located regionally.

All of the rental income is underpinned by Australia’s largest childcare operators - Goodstart Early Learning and G8 Education.

The WA portfolio comprises a total combined site area of 47,157sqm, providing accommodation for 1,752 long day care places.

The remaining properties are in Melbourne, and includes three newly constructed childcare centres which are 100 per cent leased to Nino Early Learning.

“We are pleased to add these quality childcare properties with strong fundamentals to the portfolio and build on our tenant customer relationship with these three operators,” CQE fund manager Travis Butcher said.

“The addition of these assets will result in CQE’s gross assets exceeding $1.9 billion and continuing to be the largest listed social infrastructure property fund in Australia.

“Further, these acquisitions have enabled us to upgrade our FY22 forecast distribution guidance by 9.6 per cent from FY21 to 17.2 cents per unit (cpu), which is a great result for our investor customers.”

Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

Business success comes from thinking inside the box for TAXIBOX founder
Partner Content
On a first glance, the world of storage solutions might not seem particularly exciting ...
TAXIBOX
Advertisement

Related Stories

Will philosophy and ‘counterfactuals’ help us unlock the mysteries of AI?

Will philosophy and ‘counterfactuals’ help us unlock the mysteries of AI?

Artificial intelligence is increasingly being rolled out all around...

ACCC launches probe into misleading social media influencer posts

ACCC launches probe into misleading social media influencer posts

Australia's consumer watchdog is cracking down on social media ...

Takeover talks reignited between Tyro and Potentia Capital

Takeover talks reignited between Tyro and Potentia Capital

Talks of a potential takeover are back on between Sydney-based Tyro...

Select Harvests almond crop quality 'worst in 10 years'

Select Harvests almond crop quality 'worst in 10 years'

Wet weather has dampened almond quality for grower Select Harvests ...