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GlaxoSmithKline advised on sale and leaseback of manufacturing facility
Baker McKenzie has advised GlaxoSmithKline on its multimillion-dollar sale and leaseback of its manufacturing facility based in Boronia.
Emma Musgrave
Firm: Baker McKenzie (GlaxoSmithKline).
Value: $106 million.
Area: Finance.
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.”
Emma Musgrave
Emma Musgrave (née Ryan) is the managing editor, professional services at Momentum Media.
Emma has worked for Momentum Media since 2015, including five years spent as the editor of the company's legal brand - Lawyers Weekly. Throughout her time at Momentum, she has been responsible for breaking some of the biggest stories in corporate Australia. In addition, she has produced exclusive multimedia and event content related to the company's respective brands and audiences.
Prior to joining Momentum Media, Emma worked in breakfast radio, delivering news to the Central West region of NSW, before taking on a radio journalist role at Southern Cross Austereo, based in Townsville, North Queensland.
She holds a Bachelor of Communications (Journalism) degree from Charles Sturt University.
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