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.

Read the complete article at www.businessnewsaustralia.com.


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