The Melbourne-based Sustainable Agriculture Fund is on the hunt for agricultural property nationwide after successfully raising $135 million from some of Australia's biggest institutional investors.
The Australian Financial Review reports that Australian Super, one of the biggest superannuation funds in the country, has poured $40 million in, Auscoal Super has put in more than $25 million and the Catholic Retirement and Superannuation Fund $30 million.
Joining them is AMP's $22 billion investment platform called Future Directions. It will chip in an initial $25 million followed by a second round of about $15 million.
The unlisted fund, which will focus on cropping and livestock, is targeting properties from the wheatbelt in Western Australia to dairy properties in Victoria and beef cattle stations in far north Queensland and is estimating returns of up to 13 per cent per annum.