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Charter Hall Social Infrastructure REIT (ASX: CQE) is pleased to announce the acquisition of a 25% interest in the Geoscience Australia property, Canberra (“Property”). CQE has partnered with two other Charter Hall managed funds to acquire this unique social infrastructure asset. The Property has been purchased for $90.9 million1 (CQE 25% share) on a 7.4% initial yield, a 9.6-year WALE, 3% fixed annual rent increases and a net lease structure where the tenant is responsible for all property outgoings. The acquisition will be funded from existing debt capacity.
Situated on a large 160,378 sqm site, the Property is located at 101 Jerrabomberra Avenue, Symonston, ACT, approximately 7 kms from the Canberra CBD. The Property comprises a specialised life sciences complex of 32,659 sqm of lettable area across three separate buildings including office, specialised laboratory and storage, warehousing, childcare facilities and parking for 652 vehicles. The Property is fully leased to Geoscience Australia.
Geoscience Australia is a Commonwealth agency that serves as the Australian Government’s technical adviser on all aspects of geoscience and custodian of the geographic and geological data of Australia. Given the scientific nature of the tenant, the property incorporates specialised laboratory facilities including a geochemistry laboratory, geochronology laboratory, mineral separation laboratory, mass spectrometer facilities and the National Earthquake Alerts Seismic Centre.
In addition, the building incorporates leading ESG principles featuring a geothermal heat pump system and has achieved a Climate Active Carbon Neutral certification. Since construction, significant capital has been invested in ongoing tenancy upgrades, as well as installing critical infrastructure and an onsite childcare centre.
CQE reiterates FY23 distribution guidance of 17.2 cents per unit.
1 $363.5 million, 100% basis
Announcement Authorised by the Chair
Click here to view the PDF ASX Announcement