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A broker active in the region that is LandFund’s focus tells Agri Investor high-quality farmland there is current priced at between $5,500 and $6,000 per acre.
Chief executive Ejnar Knudsen says the TIAA affiliate plans to entice regional peach and vegetable growers to Titan Farms’ processing facility to leverage the company’s advantageous location.
After stints with Spearhead International and Cargill, Greta Lupu joins Westchester in a country identified as a target market for the TIAA European Farmland Fund.
Vintage Wine Estates chief executive expects partnership with AGR will mean greater access to grapes owned by Westchester.
The TIAA affiliate has bought a portfolio from Gaylon Lawrence Jr, a Nashville-based investor with holdings that include regional banks, an air conditioning company and farmland assets estimated at 180,000 acres, sources told Agri Investor.
Founder John Farris tells Agri Investor the vehicle, which targets $30m, will offer annual returns of about 11% through a value-add strategy that could include organic conversions.
TIAA-CREF's second agriculture vehicle has raised over $1.7bn to date, reaching nearly 70% of its target.
The State Investment Council voted on TIAA-CREF Global Agriculture II on Tuesday, as the council's director of real return said at least a further $600m in commitments to the fund are expected.
The province's government is reviewing its farmland ownership rules amid complaints from farmers and politicians about increasing farmland values.
Louisa Burwood-Taylor, Editor, Agri Investor
In the wake of a wave of direct investments in the sector, a September editor's letter focused on the opportunity for ambidextrous firms to offer a range of services aside from raising and investing third party funds.
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