|A 20-year sale-leaseback transaction includes 31 Australian properties owned by Inghams.|
NEW YORK – WP Carey Inc., a real estate investment trust, has completed a 20-year sale-leaseback transaction with Inghams Enterprises Pty. Ltd., Australia's largest poultry producer. The transaction was valued at A$154 million ($138 million) and includes a portfolio of 31 properties.
Kevin McBain, CEO of Inghams, said "The transaction with WP Carey enables us to strengthen our balance sheet and accelerate our strategic growth plans." Inghams is owned and managed by TPG, a global private-investment firm.
Inghams is Australia's largest poultry producer with approximately 35 percent market share, with revenues of approximately $2.1 billion for the fiscal year ended March 31, 2014. Inghams is the primary supplier of poultry products to Australia's largest supermarket chain and has long-term relationships with other well-known companies, such as McDonald's and KFC.
The company is an integrated poultry processor that produces fresh and further-processed chicken and turkey products in addition to animal stockfeeds. The company has production facilities throughout Australia and New Zealand.