KKR has sold two Australian industrial properties in a sale-and-leaseback deal to a Centuria Capital Group fund for A$236.2m (鈧�145m).
The US private equity group agreed to sell the factories, located in Brisbane and Adelaide, which is part of its Arnott portfolio, to Centuria Industrial REIT (CIP).
KKR bought the iconic Australian biscuit company, Arnott, and other brands for A$3.14bn from American Campbell Soup Company in late July.
A month after the deal, KKR appointed an investment bank and a property agent to sell Arnott鈥檚 three industrial properties in NSW, South Australia and Queensland.
It is reported that Charter Hall Group is planning to buy the most valuable Arnott asset, its bakehouse, in Sydney.
Centuria鈥檚 head of funds management, Ross Lees, said the acquisition will increase CIP鈥檚 portfolio value to 鈥渙ver A$1.5bn cementing the CIP鈥檚 position as Australia鈥檚 largest pure-play industrial real estate investment trust鈥�.
