Warakirri Diversified Agriculture Fund Acquires New Asset Surpasses A$150m

30 January 2025

Warakirri Asset Management has announced the addition of its newest asset for the Warakirri Diversified Agriculture Fund (Fund), taking the strategy beyond a A$150m portfolio value milestone.

Adding to the Fund’s existing exposure to the citrus sector, the acquisition brings together two nearby holdings in the Riverina’s Murrumbidgee Irrigation Area.  A modern 160 hectare planting, the aggregation is a great example of a best in class Australian citrus orchard, and the first NSW investment for this portfolio.

Featuring a range of quality citrus varieties, first-class infrastructure and high security water entitlements, the $15 million 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 significant and highly regarded 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.  SCF is a horticultural manager and operator with over 30 years of experience operating horticulture and viticulture assets, including citrus, almonds, avocados and winegrapes; while MFC are one of the largest packers, marketers and exporters of quality citrus in Australia.

Steve Jarrott, Portfolio Manager for the Fund, said: “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”.

“This new asset increases the Fund’s citrus exposure to around 13% of the DAF 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,” he added.

The Warakirri Diversified Agriculture Fund’s portfolio of investments feature high quality berry, citrus, almond, soft leaf vegetable, agri-infrastructure and wine sector assets, with eight best in class Tenant Partners across five states.

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