Property investor Charter Hall Group has bought a $171.4 million industrial portfolio leased to poultry producer and processor Inghams Enterprises. Charter Hall Group acquired the portfolio of six properties located across Australia on behalf of three of its managed partnership funds.  

The portfolio will be entirely leased to Inghams, with initial lease terms of between 20 and 24 years, and Inghams will be a new tenant customer for Charter Hall Group’s portfolio.

Private equity group TPG Capital, which purchased the assets of Inhams Enterprises in March 2013, put its $650 million investment in the Australasian Inghams operation on the market earlier in 2014.

David Harrison, joint managing director for Charter Hall, told Financial News Network that the transaction is inline with the company’s strategy to reweighting its portfolio toward assets with long leases to strong credit quality tenants with leading market positions.

Ingham’s, which has also had an operation in New Zealand since 1990, was founded in 1918 when Walter Ingham bought a piece of bushland in Sydney’s south-west, a rooster and six hens for his son, also known as Walter, according to the company’s website.  It has since grown to become a leading chicken and turkey producer and processor in Australia.