Agricultural asset manager Viresco has launched a Queensland farmland fund with the acquisition of Kellys Creek and Pauralos Park, a 22,000ha contiguous beef aggregation in Central West Queensland, Australia.
Viresco said the Queensland Farmland Fund launches with a cornerstone commitment from an institutional investor and targets an eventual fund size of A$500m (€308m).
Investor details and the commitment size were undisclosed.
The fund will deploy capital across the beef production value chain while generating secondary revenues from natural capital initiatives.
Hadyn Craig, co-founder and CEO, Viresco Group, said: “The launch of the Queensland Farmland Fund, alongside the acquisition of Kellys Creek and Pauralos Park, demonstrates the fund’s ability to source, underwrite and execute against institutional-scale opportunities in Queensland beef production.
“Kellys Creek and Pauralos Park will be run in a way that lifts productivity while improving the condition of the land itself. Securing an aggregation of this quality as our first acquisition reflects the strength of our pipeline and the discipline behind how we deploy capital.”
Griff Williams, co-founder and CIO, Viresco Group, said: “The quality of soils, climate profile, extensive infrastructure and scale available in Queensland offer a significant opportunity for the fund to build a meaningful presence across the beef production value chain and deliver risk-adjusted returns to our investors.
“Kellys Creek and Pauralos Park is the first step in that build, consistent with the disciplined underwriting approach we apply to every acquisition.”
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