Investment fund commits over A$33mn to kiwifruit, pear and jujubes orchards with Seeka to act as tenant partner
Warakirri Asset Management has announced its Warakirri Farmland Fund (Fund) has made a A$33mn investment in a large-scale kiwifruit aggregation in the Goulburn Valley.
Totalling 200ha the aggregation of three orchards, primarily produces kiwifruit, together with small volumes of nashi pears, corella pears and jujubes.
The deal the Fund’s first with new tenant partner and renowned kiwifruit producer and supplier, Seeka. Seeka is the largest kiwifruit grower in Australia and New Zealand, and one of the largest integrated horticultural businesses across the two countries.
With significant production, packing, and marketing operations based out of Te Puke in the Bay of Plenty region, the business has been operating in Australia since 2015 and accounts for as much as 70 per cent of Australia’s kiwifruit production. Seeka is also Australia’s largest grower, packer and marketer of Nashi pears, a release from Warakirri Asset Management said.
Steve Jarrott, portfolio manager for the Fund, said it was looking forward to working with Seeka on these industry leading assets.
“We’re really pleased to add another prime horticultural asset to the Warakirri Farmland Fund, but equally excited to start a new relationship with Seeka. The Goulburn Valley is one of the most productive agricultural areas in Australia and Seeka are not only a horticultural leader in this region, but a best-in-class operator in NZ and major global player in the kiwifruit category.”
Michael Franks, Seeka chief executive, advised: “The company is delighted to have Warakirri Asset Management as a partner in Australia. It opens up a number of opportunities for future sustainable development in the region. Warakirri are a progressive and complementary partner and we are very pleased to be alongside them.”
Seeka sold and leased back a number of its Australian kiwifruit orchards back in 2020 as part of a strategy to use the proceeds to be used to repay debt and accelerate further kiwifruit orchard developments.
According to the company’s annual report, released 31 December 2024, Seeka had 162ha of owned orchards, 105ha of kiwifruit and 21ha of jujube, nashi and pears on long-term leased orchards and two packhouse and coolstores in Austalia.
“Seeka is forecasting strong growth in its Australian business, with NZ$17.2mn invested in new orchard developments, including 64ha of kiwifruit, new pear varieties, and an expansion of jujube plantings,” the report said.
