AFR | 6 May 2026

by Lucy Slade

Aware Super is selling its expansive almond orchard portfolio with expectations of a price of more than $400 million to cash in on the thriving agriculture asset class as Australia’s third-biggest super fund makes a pivot in its investment strategy.

The total enterprise, leased to Australia’s largest listed almond producer Select Harvests, spans 4738 hectares with orchards in food bowl regions of South Australia’s Riverland, Victoria’s Sunraysia region and Billa Downs in NSW. Five individual assets make up the portfolio.

The entire portfolio, including 18,250 megalitres of water entitlements, would be of interest to pension and sovereign wealth funds from Europe, the Middle East or North America, said sources with knowledge of the sale who were not authorised to speak publicly.

Aware Super wants to recycle capital from profitable assets and reduce its exposure to agriculture assets at a time of change in its portfolio, triggered by a merger with smaller industry super fund TelstraSuper, which came into effect at the end of last month.

Aware, which post-merger has about $237 billion of funds under management, sold its ProTen chicken agriculture asset to private equity juggernaut KKR for about $1.3 billion last year.

It’s now counting on a good market for almond assets. The industry has benefited from the Trump administration’s trade war as the US – Australia’s biggest rival for the expanding Chinese export market – now faces a 145 per cent tariff China has imposed on US exports, giving Australian producers an advantage.

Australia is the second-largest almond exporter, growing just more than 10 per cent of the world’s almonds. California alone accounts for 80 per cent of global production.

Select Harvests has almost 10 years remaining on the land lease, worth up to $19 million a year.

The producer’s revenue has grown from $235 million in 2022 to $398 million in 2025. It has about 9000 hectares of almond trees and some of the country’s largest fund managers as investors, from Phil King’s Regal Partners to Perpetual and Paradice Investment Management to industry superannuation giant Australian Retirement Trust.

LAWD rural property agent Danny Thomas, who is marketing the portfolio will colleagues Tim McKinnon and Elizabeth Doyle, said the portfolio was a simple way for an institution to invest in Australian agriculture at scale.

“This is really what the market’s been demanding,” Thomas said.

“There’s a lot of money around that doesn’t necessarily want the operating exposure and [they want] a counterparty who’s as well credentialled as Select Harvests, that they know is going to be able to pay the rent.”

Aware Super was contacted for comment.