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Primewest Announces Second Trust after Acquiring Orchard

Primewest Announces Second Trust after Acquiring Orchard

2021-07-22

After completing a merger with Centuria Group Capital, Primewest has now acquired its second almond orchard. This property is seeded with an almond farm worth $53.9 million. This property is located in the Riverina region. After this acquisition, Primewest will now attempt to raise $34 million from other investors so that they can next acquire the “Moora” Almond Orchard. This property may be identified as a jewel in the crown of all Primemark’s acquisitions. The Moora property is more than a 524-hectare property, and out of this 434 hectares are reserved as almond orchards.

The acquisition and fund launch reaffirms Primewest’s confidence in Australia’s agricultural sector having recently closed its first agricultural trust following settlement of three significant vineyard and orchard landholdings in Victoria and South Australia. Primewest Director, David Schwartz opined that the launch of the second wholesale agricultural Trust is testament to our confidence in Australia’s agricultural sector and investor appetite for these investments. They are further expanding our footprint into the fruit and nut orchard sector and the expansive Moora almond farm will further diversify our agricultural portfolio, not just by crop type but also geographical location.

Jason Huljich, Centuria Joint CEO, added that they are pleased to be working with the new colleague, Primwest, on the launch of their second agricultural trust. The team are adept at delivering quality investment vehicles and, with our larger combined balance sheet, we aim to help facilitate the acquisition of further quality agricultural real estate assets.

Primewest Agricultural Trust No. 2 has a 12-year initial WALE by income and provides an initial cash distribution of 7.0% p.a. (paid monthly) subject to the assumptions and risks set in the Fund’s Information Memorandum. The Fund is open to investment by wholesale investors only.

Primewest has a strong pipeline of potential future acquisitions for the new Primewest Agricultural Trust No.2.

Article by: Hari Yellina (Orchard Tech)