Charter Hall funds have acquired TAFE’s Gold Coast campus and a specialist medical facility in Robina on the Gold Coast from developer Alceon Qld for a combined $80 million.
The newly constructed buildings are in the Acuity Business Park at 209 Robina Town Centre Drive in the heart of Robina’s growing corporate, medical and educational precinct.
The A-grade properties are leased to TAFE Queensland and Wise Medical on 10-year leases with average fixed annual rental increases of 3.2%.
Charter Hall’s Social Infrastructure REIT and Direct Long WALE fund will each hold a 50% interest in the properties.
The facility has received international recognition for sustainability, receiving an award for Excellence in Construction from the World Federation of Colleges and Polytechnics 2022.
Robina will be Wise Medical’s second clinic, which have been established to provide a greater choice for patients to access emergency medical treatment, without the patient having to visit a hospital.
Charter Hall Direct CEO Steven Bennett said the acquisitions offered diversity to LWF’s growing portfolio, which now exceeded $515 million.
“The two social infrastructure assets offer strong returns in a tightly held market, with TAFE Robina and Wise Medical providing vital services to meet the area’s growing population,” Bennett said.
“Following this transaction, the Federal and state governments now represent over 30 per cent of the LWF’s net property income.”
CQE Fund Manager Travis Butcher said the acquisitions demonstrated the benefits of a broadened strategy.
“Consistent with CQE’s strategy of investing in diversified social infrastructure assets with long lease terms and strong tenant covenants, we’re pleased to add high quality education and healthcare properties to the portfolio,” Butcher said.
The deal comes after the Centuria Healthcare Property fund purchased the Robina Medical Centre project in Robina on the Gold Coast for $27.5 million in April.
Other recent Gold Coast deals include QIC’s sale of its half stake in the Westfield Helensvale shopping centre to IP Generation Holdings for $185 million in April.