Charter Hall is paying $75.5 million for 13 childcare centres on Australia’s east coast.
Two of the centres are completed.
Six are subject to a “fund through” arrangement, whereby Charter Hall is buying the land, and paying the balance required to construct the investments, which it will own.
The centres are fully leased to occupiers including Harmony Early Learning, G8 Education, Little Seeds Early Learning and Nino Early Learning.
Charter Hall is acquiring the property’s on a blended yield of 6.5 per cent from CCLP.
The deal will see the fund manager pay an average $5.9 million for the two completed centres; $6.76 million for each of the five centres due to open by the middle of the year. The other six centres are each costing $4.98 million.
The portfolio includes assets in Elwood, Keysborough and West Footscray, in Melbourne. The others are in New South Wales and Queensland.
Charter Hall will embark on a $120 million capital raising exercise to fund its purchase.
Its Charter Hall Education Trust is the largest listed landlord in the industry. It became controlled by Charter Hall following its takeover last year of Greg Paramor’s Folkestone business.