An unlisted Charter Hall Direct industrial fund has acquired two food manufacturing facilities in Melbourne on a 30-year sale and leaseback for A$141m (€91m) from Patties Food.

The acquisitions were made on behalf of the A$1.5bn Charter Hall Direct Industrial Fund No 4 (DIF4).

Charter Hall Direct CEO, Steven Bennet, said the DIF4 fund had a capacity to grow to more than A$2bn.

Charter Hall CIO, Sean McMahon, said: “We actively seek out properties leased to tenants in the consumer staples and food logistics sectors because our investors consistently tell us that they value the defensive and stable cashflows these properties generate over the long term.”

Patties Foods chief executive officer, Paul Hitchcock, said the sale of the facilities, which were “critical to Patties Foods’ operations”, formed part of the business’s future growth strategy.

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