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Bakeries of iconic Aussie pies sold in a lease back deal | The Land



BAKERIES SOLD: Patties Foods has sold its factories and leased them back on 30 year terms to free up investment funds.

Property funds manager Charter Hall has bought the factories of the world’s biggest pie maker, home of the iconic Four’N Twenty brand.

Charter Hall Direct’s industrial fund has bought two food manufacturing facilities on a 30 year sale and leaseback to Patties Foods for $141 million.

The factories are in Bairnsdale and Pakenham in Victoria with a combined site area of 27.2ha.

Patties Foods is owned by Sydney-based funds manager Pacific Equity Partners.

The bakery business produces Four’N Twenty, Patties, Herbert Adams, Boscastle, Nanna’s, Ruffie Rustic Foods and Fitness Outcomes, for domestic and global export.

The sale and…

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