Proterra lists One Tree with hopes of $250M plus

Grain Central July 1, 2024

PROTERRA Investment Partners has listed its 23,595ha One Tree portfolio with expectations it will fetch more than $250 million.

The portfolio comprises two southern Queensland aggregations, the 7934ha Umbercollie north-west of Goondiwindi and the 9966ha Jandowae on the Northern Downs, as well as the 5604ha North Star aggregation in far northern New South Wales.

LAWD senior director Danny Thomas and director Elizabeth Doyle are handling the listing, which could see it sold as a whole, by aggregation, or split into the comprising 21 properties.

Across the portfolio, 92 percent of the land is predominantly self-mulching black brigalow arable soils, in a climate ideal for producing high-yielding wheat, barley, chickpea, canola, mungbean, cotton, and
sorghum crops.

The Umbercollie and North Star aggregations are entirely dryland, while Jandowae includes 585ha of irrigation.

“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.

“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.

“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.”

Proterra Investment Partners managing director Becs Willson said last summer has set up the One Tree Portfolio well.

“We have just under 17,000ha of well-established crops and this is looking to be our biggest winter cropping season ever,” Ms Willson.

Grain storage is a feature of One Tree. Photo: LAWD

“This planting program 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.”

One Tree’s significant improvements include numerous dwellings, high-quality operational infrastructure, and a combined grain-storage capacity of 48,500t.

One Tree Portfolio is being offered for sale by expressions of interest closing August 14.

Second listing

The same portfolio listed in March 2022, alongside Proterra’s 14,425ha Racecourse sugarcane portfolio in coastal Qld’s Mackay region, and the 4448ha Vaucluse in Tasmania, with price expectations of $400M.

Proterra still owns Racecourse, while Vaucluse fetched more than $100M and sold to New Zealand interests with links to Rimanui Farms, already established in northern NSW cropping country.

Proterra Investment Partners made its first foray into Australian agriculture in 2009 by buying into the Temora, NSW-based BFB, which last year merged with Daybreak Cropping to create Altora Ag.

Proterra’s initial acquisition for One Tree occurred in 2014 and continued until 2019, with its partnership operating model using the latest agricultural technology available and ensuring sustainable management practices.

Proterra began its scale-down of One Tree in 2019, when the Kinbeachie aggregation was sold to Daybreak Cropping, and it listed two properties in the Jandowae aggregation, Encliffe and Glendaloch, which are still in the portfolio.

In 2021, Proterra sold Corinella Farms for more than $360M to exit the assets in western Victoria and South Australia’s South East.

The 22,500ha portfolio was split up and sold to 26 different Australian purchasers representing local farming interests.


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