SYDNEY, March 10 Private equity giant TPG
plans to sell 56 farm properties of Australia's largest
poultry firm, Ingham Enterprises, for up to A$650 million ($590
million), a property agent responsible for the sale told
The sale comes a year after TPG bought most of Ingham for
A$880 million, according to local media. It also signals TPG's
preference to exit assets without public listings despite
improved market conditions.
"We've got all the largest pension funds and sovereign funds
in the world expressing interest," said CBRE agribusiness
director Danny Thomas, who is running the sale.
The deal would be structured as a 20-year leaseback of two
portfolios of processing plants, feedmills, hatcheries and
TPG's purchase of Ingham Enterprises last March ended the
Ingham family's control of the company that started as a farm in
Sydney's outskirts in 1918.
Thomas said he met potential buyers in Europe, the Middle
East and Asia and "significantly more than 10" funds were
interested in the assets.
Australian food manufacturers have been highly sought after
by private equity firms and other Asian buyers in the past two
years due to resilient sales and solid cash flows.