Baker McKenzie has successfully acted for client, GlaxoSmithKline (GSK), on the AUD 106 million sale and lease back of its manufacturing facility at Boronia in Melbourne to Charter Hall.
Baker McKenzie lead partner, Sebastian Busa stated: "We were delighted to act for our client, GSK, on the sale and lease back of its manufacturing facility, as the company streamlines its property portfolio and prepares for its new pipeline of medicines."
The facility is currently used by GSK as their Australian manufacturing hub for high-volume products and 'Blow-Fill-Seal' manufacturing. GSK will lease back the property for 2.3 years on triple net terms from settlement.
Charter Hall will hold the property in its AUD 7 billion wholesale industrial and logistics fund, CPIF. The 16.8 hectare site includes 33,878 sq m of pharmaceutical facilities with warehouse space, a corporate office and laboratory accommodation.
GSK is a science-led global healthcare company with a special purpose: to help people do more, feel better, live longer.
Sebastian was assisted by senior associate, Kenneth Ho.
Sebastian's team have a reputation for delivering on large scale industrial sale and lease-back transactions and this has been one of the largest transactions in a strong Melbourne industrial market.