Media Release 01 July 2024

Institutional grade dryland cropping portfolio expected to draw significant local and global interest for Proterra Investment Partners LP

One Tree Umbercollie Aggregation

Proterra Investment Partners’ (Proterra) One Tree Portfolio, spanning three aggregations in some of the nation’s most sought-after agricultural production zones, is expected to draw local and global interest as an unparalleled institutional grade broadacre cropping opportunity.

Presented to market by LAWD, the 23,595-hectare portfolio is the amalgamation of 21 properties within the North Star Aggregation (5,694 hectares) in northern New South Wales, the Umbercollie Aggregation (7,934 hectares) and Jandowae Aggregation (9,966 hectares) in southern Queensland. One Tree Portfolio is available to purchase as a whole or as any combination of separate assets and is expected to collectively reach more than AUD $250 million.

A significant percentage (92%) of the land across the portfolio is arable and made up of predominantly self-mulching black brigalow soils, with climate characteristics ideal for the production of high-yielding wheat, barley, chickpeas, canola, mungbeans, cotton and sorghum. The Umbercollie Aggregation and North Star Aggregation production systems are entirely dryland, while the Jandowae Aggregation offers 585 hectares of irrigation.

LAWD Senior Director, Danny Thomas, said, “Given the extensive investment that Proterra has made developing each of the individual properties, and the flexibility offered through the sales process, the campaign would draw significant interest from a diverse group of potential buyers.”

“Opportunities for dryland cropping properties offering economies of this scale and strategic investments in infrastructure and land management rarely come to market,” Mr Thomas said.

Mr. Thomas believes “Its capacity to produce large amounts of grain will appeal to domestic and international institutional investors and corporate farming groups, local cropping businesses seeking expansion, or syndications of local family farmers.”

LAWD indicated “If potential buyers are interested in splitting the portfolio, similar to Proterra’s sale of the Corinella Group Portfolio a few years ago, we are open to negotiating any combination of separate assets as part of the sale process.”

Proterra Investment Partners has been developing agricultural investments in Australia since its first investment into BFB Pty Ltd in 2009. It has exited several investments over recent years including its majority stake in BFB Pty Ltd, and the Corinella Group and Vaucluse portfolios. Managing Director Becs Willson said, “The One Tree Agriculture portfolio brings to market a geographically spread, well developed scale operation where infrastructure investments have been focused in order to meet strategic customers requirements.”

Proterra’s initial acquisition for One Tree Agriculture occurred in 2014 and occurred over a 5-year period. Its partnership operating model has transitioned these individual farms into highly productive revenue generating aggregations utilising the latest agricultural technology available and ensuring the most sustainable management practice.

“Last summer set us up well. We have just under 17,000 hectares of well-established crops and this is looking to be our biggest winter cropping season ever,” she said.

“This planting programme is supported by the considerable investment we made in building a silo complex capable of drying, blending and storing 32,000 tonnes of grain, which has allowed access to contracts with key strategic partners.”

The One Tree Portfolio benefits from significant infrastructure improvements including numerous dwellings, high quality operational infrastructure and substantial grain storage (in excess of 48,500* tonnes combined), further enhancing on-farm efficiencies.

One Tree Portfolio is being offered for sale by Expressions of Interest, closing 12pm (AEST) Wednesday 14 August 2024.

For further information contact LAWD Senior Director, Danny Thomas, on +61 439 349 977 or LAWD Director, Elizabeth Doyle, on +61 400 102 439.

About Proterra Investment Partners

Proterra Investment Partners is an alternative investment manager focused on private equity investments in the natural resource sectors of agriculture, food, and metals and mining. Proterra has offices in Minneapolis, London, Sao Paulo, Singapore, Shanghai, and Sydney. Proterra launched as a standalone investment advisor and private equity fund manager from the Black River Asset Management private equity funds (the “Funds”) on January 1, 2016. The Funds spun out from Black River Asset Management, a wholly-owned, independently managed subsidiary of Cargill, Inc. Proterra’s investment strategies are influenced by the senior leadership team’s longstanding tenure with Cargill – a global leader in providing food, agriculture, financial, and industrial products and services. Although no longer an owner, Cargill maintains its relationship with Proterra as a committed limited partner to the Funds.

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