Primewest Agricultural Trust No. 1
We are pleased to provide you with the Information Memorandum for the Primewest Agricultural Trust No. 1 (the Trust). The Trust is pleased to advise a second asset, “Lamattina” located within the Mornington Peninsula is currently in exclusive Due Diligence. The Trust plans to add further high quality agricultural investments leased to strong tenant covenants to the portfolio with the intention to own a diversified group of assets of $100m over time.
Key attributes of the Trust include (post settlement of “Lamattina”):-
- Forecast Cash Distribution of 7.5% pa (paid monthly).
- Forecast Total Return (Equity IRR) 10.0%.
The Trust proposes to acquire its second asset, being a rare land holding of significant scale within the highly regarded Mornington Peninsula region of Victoria. The transaction is structured via a long term triple net lease back to one of Australia’s largest celery producers with ongoing supply contracts to major supermarkets.
A summary of the Property details includes:-
- 10 year Triple-Net lease supported by a bank guarantee;
- Total of 385ha across 27 titles which includes 120ha of greenfield development potential;
- Purchase Price equivalent to “vacant possession” pricing;
- One of the largest land holdings on Mornington Peninsula, producing “high value food” products;
- Supply contracts to major Australian supermarkets;
- Premier market land with an established tenant and experienced management team;
- Outstanding water security comprising 1,494 ML licences including Bore, Surface and Class A recycled water; and
- Secure year round operation with state of the art irrigation system.
If you wish to proceed in this offering, could you please arrange to return your completed Application Form by no later than 5pm (AWST), Friday, 26 June 2020 together with 10% deposit.
Settlement of the property is scheduled to take place in July 2020.
Whilst this document includes information about Primewest, the nature of the investment, the Property and other matters, it is not exhaustive in its contents and should not be considered as such. All projections are forecasts in this document are for illustrative purposes only using those sources as described. They are based on the opinions of, and the assumptions and qualifications made by the directors of Primewest as at the date of this document. Actual results may be materially affected by changes in economic and other circumstances. Any reliance placed upon the accuracy of projections, forecasts and other information provided in this document, and the appropriateness of opinions, assumptions and qualifications used, is a matter of your own commercial judgment. No representation or warranty is made that any projections, forecasts, values, assumptions or estimates contained in this document can or will be achieved. Notwithstanding that parties other than Primewest are names in this document, none of those other parties was involved in the preparation or issue of this document and therefore, none of those other parties has any responsibility for the contents of this document. Primewest and its directors, officers, employees, advisers and representatives give no warranty and make no representation in respect of the contents of this document; and accept no responsibility for the accuracy. reliability or completeness of the information in this document.
INVESTORS - Investment is only available to investors who are "wholesale clients" within the requirements of section 761G and 761GA of the Corporations Act 2001 (Cth) or who are the otherwise entitled to invest.