Australia: Centuria Agriculture fund buys Sundrop Farms asset for $70m

A Centurial Capital Group-managed fund has acquired Sundrop Farms for $70 million from the Morrison & Co Growth Infrastructure Fund.

Acquired by the Centuria Agriculture Fund (CAF), the asset is a 246-hectare site in Port Augusta, SA, and provides four five-hectare glasshouses that run on renewable energy sources.

The deal takes Centuria’s total agriculture assets under management to $421 million and is supported by a 20-year triple-net lease to Sundrop Farms.

For CAF, Sundrop Farms will be the second agriculture asset in the portfolio after Centuria acquired a $177 million glasshouse estate in Warragul, Victoria.

The Sundrop Farms site comes with a 1.4 megalitre (ML) reverse osmosis plant, a 1ML desalination plant that processes 600ML of seawater annually, a 25ML storage dam, a packaging warehouse and a 12.5ha concentrated solar energy system that creates sustainable onsite renewable energy.

Sundrop currently grows truss tomatoes in its glasshouses that it distributes across Australia through Coles supermarkets.

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