Centuria Agriculture Fund

Open-ended agriculture property fund, targeting initial distributions of 5.25% p.a. (updated report)

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Core Property has reviewed the Centuria Agriculture Fund, a new unlisted property fund that targets high performing agricultural assets with strong lease covenants. Centuria is a leading property fund manager with over $20 billion of assets under management.

The Fund is open-ended with it’s seed asset being Flavorite Warragul, VIC a 76.9-hectare glasshouse and farming site. The Property is the flagship property of the Flavorite business and has been responsible for Flavorite becoming the largest greenhouse producer of fruit and vegetables in Australia. Key produce include tomatoes, capsicums and berries, with major customers such as Coles, Woolworths, Aldi, Costco and Harris Farm. The Property benefits from a new 20-year lease to Flavorite, with 19.4 years remaining, and fixed rental increases of 3.0% p.a.

The Manager is targeting the Fund to deliver initial distributions of 5.25% p.a. (annualised). The Fund is issued under a retail PDS and is open to investors with a minimum investment of $10,000.

Core Property has rated the Fund as RECOMMENDED.