Private equity firm TPG has placed $600 million-plus portfolio of properties out of its Ingham Enterprises poultry operation on the market, reports The Australian.

The decision comes less than a year after acquiring the entire portfolio from billionaire Bob Ingham.

TPG beat rival Blackstone Group for the company that dominates Australia’s poultry market and owns one of the nation’s largest private property portfolios.

Valued at $880 million, the deal is a classic private equity move that involves the selling of lower-returning property assets.

While TPG is expected to earn some quick returns from the deal, the primary focus is on ensuring the business continues its growth, while keeping an exit strategy in mind for the future.

“Ingham is, as always, committed to growing the business and the nature of the sale and leaseback agreements enables us to continue to offer our customers the highest levels of quality and service,” Ingham chief executive Kevin McBain said in an interview.

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