The Trust Company (RE Services) has been appointed as the Responsible Entity (RE) of the Vitalharvest Freehold Trust (ASX:VTL) managed by goFARM Asset Management Pty Ltd.
Perpetual Corporate Trust General Manager – Managed Fund Services, Vicki Riggio said:
“We are delighted to be expanding into the listed agricultural sector. It is an area we feel is underrepresented in the Australian share market and at present, there are a limited number of ASX listed Agricultural REITs available to retail investors.
“This is Perpetual’s first Listed Investment Trust in the agricultural sector and is the third listed deal Perpetual has made this year, following recent deals with Metrics Credit Partners and Montgomery Global Equities Fund MOGL.”
goFARM Asset Management Pty Ltd is a Melbourne-based, Australian owned, agricultural investor, developer and manager, with a focus on high growth investment opportunities in Australian agriculture.
The trust is a newly established registered managed investment scheme, designed to provide shareholders with a growing income stream and potential for capital growth. The fund recently listed on the Australian Securities Exchange (ASX) after raising $185 million.
Its portfolio consists of seven properties across New South Wales, Tasmania and South Australia with a combined value of $238 million. Costa Group Holdings, one of Australia’s largest growers and packers of fruit and vegetables, is a long term premium tenant.
“We believe this new partnership will pave the way for Perpetual to further strengthen its capabilities in this asset class. We look to work with clients providing innovative products and services, and take all opportunities to broaden our offerings for investors,” Ms Riggio added.
Liza Whitmore, Chair of goFARM Asset Management Pty Ltd said: “This well-diversified portfolio will offer investors exposure to Australia’s largest aggregation of citrus orchards and berry farms located throughout prime growing locations.
“The properties are well established, operationally proven and strategically located with diversity of crop type, climate, water source and end market.
“Our team is experienced in the management, acquisition and development of high quality agricultural properties and will be backed by Perpetual’s deep heritage and experience in the RE space.”
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