Baker McKenzie has advised GlaxoSmithKline on its multimillion-dollar sale and leaseback of its manufacturing facility based in Boronia.
Firm: Baker McKenzie (GlaxoSmithKline).
Deal: GlaxoSmithKline has been advised on the sale and leaseback of its manufacturing facility at Boronia in Melbourne to Charter Hall.
Value: $106 million.
Key players: The Baker McKenzie team was led by partner Sebastian Busa, with assistance from senior associate Kenneth Ho.
Deal significance: As per a statement provided by Baker McKenzie, 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, the firm noted.
“Charter Hall will hold the property in its $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,” Baker McKenzie added.
“GSK is a science-led global healthcare company with a special purpose: to help people do more, feel better, live longer.”
Commenting further, Baker McKenzie lead partner, Mr Busa said: “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.”