Charter Hall Group has acquired the Sullivan Nicolaides Pathology life science facility in Bowen Hills, Brisbane, Australia, from Sonic Healthcare for A$445 million ($315 million).
Sonic Healthcare developed the facility over multiple stages as a national reference center for specialized pathology testing and as the main laboratory for its Sullivan Nicolaides Pathology business in Queensland and northern New South Wales. The property has an initial net rent of A$25 million ($18 million) per year, with inflation-indexed rental increases.
The property sits in a new institutional partnership owned and managed by Charter Hall, with the Charter Hall Social Infrastructure REIT (CQE) investing $53 million of equity for a 25 percent stake, with the remainder of the equity to be owned by other Charter Hall managed funds.
“This acquisition is aligned with our strategy to invest in long WALE [Weighted Average Lease Expiry] essential service assets and provide the opportu
