ZURICH & LONDON & NEW YORK--(BUSINESS WIRE)--Please replace the release with the following corrected version due to multiple revisions.
The corrected release reads:
ADVEQ REAL ASSETS COMPLETES A$211MN PURCHASE OF THE WORLD’S LARGEST ALMOND ORCHARDS
The purchase is one of the largest farmland transactions in the past 12 months
Adveq Real Assets has today confirmed that it has completed the purchase of 18,000 hectares of almond orchards in Victoria, Australia for A$211mn, in partnership with aligned co-investors.
The orchards, operated by Olam Australia, account for approximately 50% of Australia’s and 3.5% of the world’s almond production, which surpassed U$5bn in 2013 according to Almond Board of California. The purchase is one of the world’s largest farmland transactions in the past year and is part of the farmland investment platform managed by Adveq Real Assets (Adveq).
Municipal Employees’ Retirement System (MERS) of Michigan and Danica Pension were active co-investment partners during the establishment of the Adveq Almond Trust II, which formally purchased the orchards.
Berry Polmann, Executive Director of Adveq Real Assets said:
“We
are pleased to have kick-started our co-investment platform with
almonds, the king of crops, and have like-minded co-investors alongside
us. Institutional investors are attracted to farmland investments for
their diversification benefits and long-term inflation protection. In
addition, investors require sustainable performance, in an asset class
that might be challenging to access. In the words of Mahendra Shah,
former Director of Qatar National Food Security Programme, ‘the best
investment of any crop would be almonds, the nearest second best crop
being pistachios’.”
The transaction consists of the sale and lease-back of 18,000 hectares of well located orchards near the Murray River in Victoria, Australia, of which 12,000 hectares are planted with three million trees.
“Responsible and sustainable practices are a key element of our investment philosophy. We will partner with Olam, who will continue to operate the orchards, to ensure these remain at the forefront of sustainability practices in the delicate Murray River ecosystem.” Gaia Arnaboldi, Executive Director of Adveq Real Assets said.
About Adveq
Founded in 1997, Adveq is a leading asset
manager investing in private equity funds and real assets globally. It
offers specialized investment solutions which allow the firm’s clients
to access select private market segments globally. To date, Adveq has
invested in more than 400 funds on behalf of its clients and generated
consistent returns throughout economic cycles. Adveq’s client base
comprises institutional investors such as pension funds, insurance
companies, family offices and other financial institutions located in
Europe, North America and the Asia-Pacific region. Many of Adveq’s
investors are repeat, long-term clients with whom the firm has developed
a role as a trusted partner for private market investing. Adveq has
offices in Zurich, Frankfurt, London, New York, Beijing, Shanghai, and
Hong Kong, as well as an agent relationship in Sydney. For more
information on Adveq: www.adveq.com