Properties sold in leaseback deal

11:08 AM Tuesday July 22, 2014 Anne Gibson

New Zealand real estate investment specialist Caniwi Capital has bought chicken processing plants, hatcheries and farms from Inghams Enterprises NZ in a $57 million sale and leaseback deal.

Troy Bowker, Caniwi chairman and founder, said Inghams would continue to operate from the properties, mainly around the Waikato, and had leased them for 25 years with renewal rights for a further 50 years.

Bowker said Caniwi now had real estate valued at $210 million in the industrial, office and retail sectors with a weighted average lease term of 19 years, compared to five to seven years in the listed property sector.

Caniwi owns the campus-style four-tower offices in Wellington's Tory St, leased to ANZ and a Boulcott St student accommodation block leased to Victoria University for a 15-year lease.

-NZ Herald