Primewest buys almond orchard from Harvard University

About 365 hectares of the Hillston orchard was planted in 2017 with the balance a year later.

Primewest – which is newly merged with Centuria – has acquired a Riverina almond orchard to seed a fund.

Moora, in Hillston, is costing $53.9 million.

It was one of three assets – the Western Rosella Farming portfolio – listed by Harvard University late last year.

Moora at Hillston

Established in 2017, the Hillston property spreads 524 hectares – about 83 per cent of which is planted.

Leased until 2033, the farm has a 7800 megalitre water entitlement.

The occupier, Lachlan River Almonds, is held by Roc Partners, an alternative investment manager which also controls tomato grower Flavorite and wagyu beef producer Stone Axe Pastoral Company.

“The [Moora] 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,” a statement from the purchaser said.

Primewest Agricultural Trust No 2

To acquire the Moora purchase, Primewest is aiming to raise $34m from wholesale investors.

The fund it is earmarked for – Primewest Agricultural Trust No 2 – is promising an initial cash distribution of seven per cent, paid monthly (story continues below).

Last year, Primewest paid the Lamattina family $42m for a Boneo celery farm.

The manager only unveiled its first mandate of this type, the Primewest Agricultural Trust No 1, last February.

“The launch of our second wholesale agricultural trust is testament to our confidence in Australia’s agricultural sector and investor appetite for these investments,” Primewest director David Schwartz said.

“We 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,” he added.

“We have taken a counter-cyclical approach to investing in the agricultural sector, building a suite of quality agricultural investments that benefit from strong water supply,” according to the executive.

“The strategy has resonated with our longstanding investor base…this is exactly what our investors are seeking”.

Western Rosella Farming portfolio

The Western Rosella Farming portfolio carried a c$120m guide.

The two other assets were a 2419ha almond orchard at Euroley, about 48 kilometres south east of Griffith and the Newmarket farm at Maude, 50km west of Hay.

The properties were held by the Harvard University Endowment Fund which manages the Ivy League college’s c$A55.9 billion donation pool.

Subscribe to our newsletter at the bottom of this page.

Share or Recommend article

Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of