The farmland REIT paid nearly $10m for the property, which is to be operated under a six-year lease to an Ohio-headquartered cabbage grower.
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The fund is being raised by TIAA-affiliate Westchester Group and will initially focus on investments in Poland.
The $60m vehicle is the third farmland fund from the Iowa-based firm, which is also active in pork and Brazilian ethanol.
The two-year study will result in an informational bulletin and policy brief designed to encourage novel land access and tenure security for small and medium-sized US farmers.
The poultry producer’s Western Australian expansion will involve relocating existing facilities and selling 40 hectares of land in Wanneroo.
The South Dakota-based private equity firm is targeting Midwest rowcrop farmland investments on behalf of high-net-worth individuals and family offices.
The location of the 24 properties in prime agricultural country, along with a yield of around 5 percent and the potential to generate carbon credits is attracting financial investors first and foremost.
Milltrust Agricultural Investments has made its first acquisition through its MAI Australia Buy & Lease Fund, a vehicle it launched in June 2016 with the backing of UK institutional investors.
The acquisition of a 16,595-acre farm in southeast Colorado expands the REIT’s presence in hay production following purchase of its first such property last year.
The $69bn pension fund’s commitment constitutes a quarter of the capital allocated to the $400m vehicle.