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The UK-based asset manager sold the neighboring properties to Rallen Australia, a company backed by one of South Africa’s richest men.
Investor submissions argue that current water market is working as intended, but say that more transparency and certainty of information are needed.
The $713m pension’s search is being led by Segal Macro Advisors, which advised the Cambridge Retirement Board on a similar 2017 search resulting in a $15m commitment to the Hancock Timberland and Farmland Fund.
Interest from institutional investors and private equity remains strong in Australian agriculture despite difficult conditions because of a belief in the asset class’ ‘long-term thesis’.
The sale of Pinnacle Agriculture followed warnings from Moody’s that the company’s leverage threatened to bring about additional restructuring or distressed debt exchange.
Growing Underground farm
The experience of London-based start-up Growing Underground and the previous excitement created by its predecessors, suggests institutional capital could enter the fray sooner rather than later.
The annualized return to the end of September 2019 was 14.37% but continuing drought means that income returns are especially likely to fall further in upcoming quarters.
Pea shoots growing hydroponically
Cofounder Steven Dring says the start-up expects to reach its target 'pretty soon' and is working on building out a new cohort of hydroponic farms with partners.
Close up of avocados
Harvard Management Company was forced to write off $1bn of 'deeply troubled assets' in 2017 but made investments totaling $100m in its last fiscal year.
NAB and Dairy Australia said continuing high input costs, exacerbated by drought, have led to a decline in production, with further falls expected this year.
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