This week it was announced that Charter Hall Group confirmed the purchase of six select Ingham Enterprise’s poultry assets for $171.4 million on behalf of three of its funds, Core Logistics Partnership, Direct Industrial Fund, and Core Plus Industrial Fund. This purchase marked the completion of the sale and leaseback by TPG, owner of Ingham Enterprises’ extensive portfolio of poultry assets, and raised its earnings from the sales to $550 million. All properties are 100% leased to Inghams on initial terms of between 20 and 25 years, and reflect an average yield of 7.82%. With the portfolio sale and leaseback completed, which included processing plants, feed mills, breeder farms, and hatcheries, the industry is awaiting a possible float or trade sale for Inghams, Australia’s largest poultry producer. In July, New Zealand’s Caniwi Group purchased $52 million worth of New Zealand assets, with the remaining assets in the country selling for less than $20 million. CorVal bought six properties for $100 million forming the Corval Ingham Trust, a private buyer bought Ingham’s headquarters in Sydney for $20 million, Ascot Capital bought an Adelaide facility for $40 million, and U.S. –based WP Carey purchased 31 properties for $157 million earlier this month.
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