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Australian child care company puts 14-asset portfolio on sale

Avenues Early Learning Centre is placing a portfolio of its childcare centers in Brisbane, Australia, on the market, amid rising living costs and issues of government funding, The Australian Financial Review reported Oct. 12.

According to the report, the privately owned child care company is planning to a sale-and-leaseback deal for the 14 properties. CBRE has been appointed to market the portfolio, which is pegged to fetch up to A$102 million.

The report noted the sale would be done in tranches, with the first-phase sale comprising five centers in the Brisbane suburbs of Aspley, Carina, Jindalee, Mcdowall and Parkinson. Each center carries a 20-year leaseback arrangement with Avenues Early Learning, including two options to renew for 10-year periods.

The Parkinson childcare facility is the largest among the centers for sale, according to the paper. Sitting on a 4,575-square-meter site, the asset offers a maximum of 200 places with a 100% occupancy rate, the firmest in the day care sector in the region. The Carina site, meanwhile, has a 3,503-square-meter land area, the second biggest in the portfolio.