Explore | 30 January 2025Investors grab a $15m stake in Riverina citrus farms
By Chris McLennan
An Australian farm investment fund has added to its growing portfolio with a $15 million deal to buy a citrus aggregation in the Riverina.
The off-market purchase has taken the Warakirri Diversified Agriculture Fund's portfolio beyond $150 million in assets across five states.
The citrus buy brings together two nearby holdings in the Riverina's Murrumbidgee Irrigation Area to supply a Leeton packer.
A modern 160 hectare planting, the fund's managers say the aggregation is "a great example" of a best-in-class Australian citrus orchard, and the first NSW investment for its portfolio.
Warakirri invests in agricultural assets on behalf of Australian, Canadian and European pension funds, as well as high net-worth individuals and private family offices.
The fund's portfolio feature berry, citrus, almond, soft leaf vegetable, agri-infrastructure and wine sector assets.
The parent company, Warakirri Asset Management, also manages Aurora Dairies on behalf of PSP Investments, one of Australia's largest milk producers through a portfolio of dairy properties across southeast South Australia and the southwest, northern and Gippsland regions in Victoria.
Warakirri says the citrus properties feature a range of quality citrus varieties, first-class infrastructure and high security water entitlements.
The $15 million purchase also introduces Eureka Farms Australia to the fund.
Eureka Farms Australia is a subsidiary of long-time citrus industry farm manager, Southern Cross Farms which is in turn supported by packer/marketer Mildura Fruit Company.
They will operate the aggregation under a long-term agreement which will underpin the ongoing supply of citrus into MFC's nearby Pacific Fresh facility in Leeton.
Fund's portfolio manager Steve Jarrott 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."
Mr Jarrott said its newest buy lifts the fund's citrus assets to about 13 per cent of the total portfolio.
"We're very much looking forward to working with Eureka Farms on this industry leading orchard," he said.
