Eureka Farms Australia, a subsidiary of citrus industry farm manager Southern Cross Farms, will operate the aggregation with support from Mildura Fruit Company
Warakirri Asset Management has announced the addition of two Riverina citrus holdings to its Warakirri Diversified Agriculture Fund (Fund), taking the portfolio value beyond the A$150m milestone.
The modern 160ha planting adds to the Fund’s existing exposure to the citrus sector and it’s first investment in New South Wales.
The A$15mn off-market deal also brings a new tenant Partner to the fund. Eureka Farms Australia – a subsidiary of long-time citrus industry farm manager, Southern Cross Farms (SCF) – supported by packer-marketer Mildura Fruit Company (MFC), will operate the aggregation under a long-term agreement that will underpin the ongoing supply of high-quality citrus into MFC’s nearby Pacific Fresh facility in Leeton.
Steve Jarrott, portfolio manager for the Fund, said the asset featured a range of quality citrus varieties, first-class infrastructure and high security water entitlements.
“We’re delighted to add another prime horticulture asset in a great region and a sector we believe to be one of the most attractive in the high value space. The Riverina is one of the most productive and agriculturally diverse regions in Australia, and the citrus orchards of the Leeton and Griffith area are renowned for both high-quality fruit and productivity,” said Jarrott.
“This new asset increases the Fund’s citrus exposure to around 13 per cent of the Diversified Agriculture Fund portfolio, while significantly enhancing geographic spread and diversifying climate, water and counterparty exposures. We’re very much looking forward to working with Eureka Farms on this industry leading orchard.”
The Warakirri Diversified Agriculture Fund’s portfolio of investments feature berry, citrus, almond, soft leaf vegetable, agri-infrastructure and wine sector assets, with eight tenant partners across five states.
