Charter Hall industrial fund and REIT acquire Australian food production facility

The Charter Hall Prime Industrial Fund (CPIF) has acquired a 50 percent interest in the Arnott’s food production facility and distribution center, located at 61 Huntingwood Dr. in Huntingwood, Australia, on a sale and leaseback for A$198.9 million ($136 million).

The other 50 percent interest will be acquired by the ASX-listed Charter Hall Long WALE REIT (CLW) as a tenancy in common interest.

The property comprises Arnott’s premier production site, generating the majority of Arnott’s products by volume and incorporates a modern high-quality food processing facility that contains a bulk materials receiving area, a large oven hall, chocolate room, packaging facilities and offices. The property has a site area of 16.4 hectares (40 acres) and 59,000 square meters (635,070 square feet) of GLA, including an automated high bay facility currently under construction.