farm stead on australian farm
Source: Pixabay
  • Recent successful equity raise of $60M.
  • Originally aimed for $55M, with a $5M oversubscription.
  • Planned float of $350M in agricultural land.
  • Potential to be listed on ASX as REIT.

As reported in The Property Tribune, Primewest announced an oversubscribed raise of $60M last week.

Alongside the successful raise, Primewest announced strong growth figures including an 8.9% growth in assets under management.

The company also announced that they would expand their agricultural trust (PAF), and launch the Primewest Property Income Fund (PPIF).

The Financial Review reported the capital raise was, “to fund cornerstone investments in its unlisted agricultural trust.”

They also reported that the asset size for the agricultural real estate move would be $100M, but given the “opportunities available”, that was increased to $350M.

In Primewest’s announcement of the oversubscribed round, managing director David Schwartz said of the company’s ambitions:

“We have been exploring the launch of an open ended investment fund for some time. The launch of Primewest Property Income Fund will provide our investors with the benefits of the Primewest investment process whilst having access to liquidity over time.”

The agricultural real estate sector could be well served by Primewest’s move, with a potential gap in the market looming.

With the sale of Vitalharvest Freehold Trust pending, The Financial Review reports that the proposed Primewest REIT could fill the void left after Vitalharvest goes.

It is expected Primewest has more good news for the sector to come.

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