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$150m almond plantation sale and leaseback deal secured

$150m almond plantation sale and leaseback deal secured

Deanna Constable Lander & Rogers

Two firms advised on First State Super's first agricultural investment in Australia in the form of a sale and leaseback agreement with Select Harvests.

Firms: Lander & Rogers (First State Super); Minter Ellison (Select Harvests)

Deal: First State Super entered an agricultural sale and leaseback agreement with Select Harvests

Value: $150 million

Area: M&A

Key Players: The Lander & Rogers team was led by partners Deanna Constable (pictured) and Lisa Gaddie, and also included senior associate Sharon Reading and lawyer Melissa Chan.

Deal Significance: First State Super purchased three almond plantations from Select Harvests and has made an agreement to lease the land back for 20 years. Select Harvests retains ownership of the almond crops.

The three plantations, located in New South Wales, Victoria and South Australia, have a combined land value of $67 million, with the total transaction deal valued at $150 million.

First State Super will fund the development of a further 2,371 acres of greenfield almond orchards in 2016 and 2017, and will help to create investment and employment in regional Australia under the agreement.

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