Proterra ag firm puts $21m Australian properties on the block

One Tree Agriculture, the Queensland-based farm manager owned by private equity fund manager Proterra Investment Partners, has listed the Goodiwindi aggregation for sale.

The 9,129-hectare dryland cropping enterprise is located around 50 kilometers west of Goodiwindi, Queensland. It comprises three properties – Kinbeachie, Morville and Birribindibil, all located near the town of Toobeah with frontage to the Barwon Highway and Weir River.

One Tree Agriculture purchased the properties in 2016, with the Kinbeachie farm acquired from Australian Pastoral Group for more than A$15 million ($11.1 million; €9.5 million), according to local media reports.

The aggregation as a whole could now be worth around A$27 million to A$28 million, but One Tree Agriculture is also open to offers for the individual properties.

Speaking to Agri Investor, CBRE Agribusiness senior manager Simon Cudmore said this presented an opportunity for local buyers looking to expand their operations as well as corporate farmers who could want to acquire the entire enterprise.

“The facility has had a lot of development work put into it by the current owners in the past few years to knock it into shape,” Cudmore said. “It’s been well developed, so the farm is now looking at an upward production plan, with the soil quality and yield improving.

“The aggregation can be separated very easily, as the properties are split by a road and a river. It’s probably more than likely to sell to a corporate entity with an interest in dryland cropping, but it does give an option for individual buyers.”

One Tree Agriculture’s recent activity includes its purchase in January of several cropping properties as part of the divestment process of AgCap’s Sustainable Agriculture Fund. One Tree bought Calrossie, Kirewa and Marlow, three of the five properties that made up the SAF’s North Star aggregation.

The Goodiwindi aggregation is being sold via an expression-of-interest campaign.