Big money to be paid for three kiwifruit blocks
Three kiwifruit orchards in one of the country’s largest privately owned portfolios are expected to be sold for tens of millions of dollars.
The Te Puke blocks in Bay of Plenty comprise about 98 canopy hectares with an estimated production of 1.2 million-1.3 million trays of SunGold G3 and Hayward kiwifruit varieties. Previous sales this season have surpassed $1 million per hectare.
The orchards are owned by Matai Pacific, which according to the New Zealand Companies Register has directors Peter Davies and Christopher Marr.
Bayleys managing director Mike Bayley said it was extremely rare to see a portfolio of such size come to the market.
‘‘The sheer scale of this Te Puke portfolio puts the trio of orchards among the biggest commercial kiwifruit operations in New Zealand, and is certainly one of the largest that has ever been taken to market in one portfolio.
‘‘In addition to some 98 canopy hectares there is also the potential for any new owner to develop the orchards further through grafting Hayward kiwifruit stock to the higher value G3 kiwifruit variety.’’
The orchard portfolio also included the option to buy 677,720 Zespri shares - which can only be bought and held by the owners of land producing kiwifruit for the co-operative. Potential buyers had the options of either tendering to buy the entire portfolio as one complete entity, or tendering for individual properties in any combinations. ‘‘The economy of scale delivered by purchasing this collection of orchards, which are all in close proximity to each other, allows for any new owner to maintain the corporate approach to crop management and production,’’ he said.
Bayleys national country manager Duncan Ross said it was a major kiwifruit portfolio and one of the few times such a large offering had been put on the market.