Macquarie Infrastructure and Real Assets (MIRA) is proposing to acquire the listed Australian agricultural trust, Vitalharvest Freehold Trust, for A$300m (€184m).
MIRA is offering to pay cash of A$1 per share by way of a trust scheme to take over the trust, which owns one of Australia’s largest berry growers. The offer represents a 27.4% premium to the trust’s closing price on Friday.
Or should the scheme not be approved by the requisite majority of unitholders, MIRA said it would seek to purchase all of Vitalharvest‘s assets for a cash consideration of A$300m.
“The scheme and the asset purchase are both fully-funded and all-cash, and are not subject to due diligence,” MIRA said. “We have received FIRB (Foreign Investment Review Board) approval.”
MIRA said it intended to seek the support of Perpetual, the responsible entity of Vitalharvest Freehold, for its all-cash offer.
Vitalharvest is managed by Perth-based private estate fund management group, Primewest, which took control of the manager in June.
According to Vitalharvest’s annual report, its biggest shareholders at 31 August were Primewest (13.92%), Australian Ethical (8.11%), and the New Zealand fund manager, Salt Fund Management (8.07%) and Costa Asset Management (6.24%).
Vitalharvest’s farms are leased to Costa Group, a horticultural company and fresh produce supplier, on 15-year leases which are due to expire in 2026.
To read the digital edition of the latest IPE Real Assets magazine click here.
