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Charter Hall Social Infrastructure REIT (ASX:CQE) today announced the sale and settlement of 26 New Zealand childcare properties for NZD $36.9 million. The sale portfolio consists of the smaller New Zealand properties that CQE owned which had a WALE of 5.7 years as at 31 March 2020. The sale price represents a selling yield of 6.6% and an 8.7% discount to book value for these properties.
CQE continues to own a further 20 New Zealand childcare properties with a combined WALE of 7.4 years as at 31 March 2020.
Travis Butcher, CQE’s Fund Manager commented:
“The sale is a good outcome that reduces CQE’s exposure to the New Zealand market. The remaining New Zealand centres owned by CQE are welllocated, predominantly purpose-built and leased to BestStart, New Zealand’s largest childcare operator. Despite the current challenging environment, we continue to optimise the portfolio to ensure the best outcome for CQE investors.”
Announcement authorised by the Chair