- Off-market, $168m glasshouse operated by Perfection Fresh, secured on 17.4-year triple-net lease1
- Centuria’s agriculture portfolio expands 25% since 30 June 2025
- Secured by the unlisted Centuria Agriculture Fund (CAF) from Fresh Country Farms of Australia
Australasian real estate funds manager, Centuria Capital Group (ASX: CNI or “Centuria”), has expanded its agriculture real estate platform to $820million, securing the Perfection Fresh-operated 43-hectare glasshouse facility in Two Wells, South Australia.
The asset is Australia’s largest hydroponic glasshouse facility and increases Centuria’s agricultural portfolio by 25% to more than 150 hectares of glasshouse assets and over 160 hectares of protected cropping agriculture.
The off-market transaction was secured for $168 million by the open-ended unlisted Centuria Agriculture Fund (CAF) from Fresh Country Farms of Australia.
Jason Huljich, Centuria Joint Chief Executive Officer, said, “We have grown Centuria’s Agriculture AUM and capabilities as part of a deliberate strategy to seed alternative real estate asset classes that appeal to our investors, are well supported by attractive themes, and provide a long runway for further growth.
“Centuria is leading domestic institutional agriculture real estate investment with a biased towards sustainable farming infrastructure that aims to deliver high produce yields to meet rising demand from Australia’s expanding population. This strong track record is credited to partnering with experienced, well-established operators.”
Located at Germantown Road, Two Wells South Australia, the asset provides snacking tomatoes, ‘Quke’ baby cucumbers and other snacking vegetable varieties each year. It is operated by one of Australia’s largest privately-owned fresh produce businesses, Perfection Fresh, which has secured long-term contracts with major supermarkets, airlines and food service businesses.
Andrew Essey, Centuria Chief Investment Officer, added, “It’s a pleasure to welcome Perfection Fresh to the Centuria fold. It is one of the country’s leading, premium-quality fresh produce suppliers, delivering exclusive fruit and vegetable brands such as Broccolini, Qukes and Calypso Mangoes.
“We are immensely proud to secure the Two Wells glasshouse facility – a trophy asset being the largest in Australia and the largest in the Southern Hemisphere. Centuria will continue to seek convincing investment opportunities across the agricultural property market, which harness persistent sector tailwinds.”
The acquisition is secured by a 17.4-year triple-net lease1, meaning all maintenance and upkeep of the property is the responsibility of the operator, providing reduced overheads for CAF.
The asset provides five glasshouses, supported by five storage dams, an evaporation dam, packing shed, fertigation and boiler room, and office and staff amenities buildings within a 166ha site. It has extensive irrigation infrastructure and an onsite electrical generating plant equipment supports year-round production.
Andrew Tout, Centuria Head of Agriculture, added “This acquisition delivers full diversity of Australia’s top tenant covenants and strengthens our geographic spread across the country’s premier glasshouse growing regions.”
The property is located in the Adelaide Plains Council, 50km North of Adelaide.
CAF’s portfolio increases to $629million across six assets following settlement, providing a 16.2-year WALE and 100% occupancy2.
In the 12 months to 30 September 2025, CAF delivered an 11.4% total net return. Since inception (20 July 2022), CAF has delivered a total net return of 5.95% p.a.3 The Fund provides a 6.25 cents per unit (cpu)4 distribution rate (annualised), daily unit pricing, monthly distributions5 and quarterly limited withdrawals6. It has a minimum entry investment of $10,000. For more information, visit Centuria Agriculture Fund | Centuria.
1 As at 30 September 2025.
2 CAF portfolio WALE and occupancy are by income, as at 30 September 2025.
3 Past performance is not a reliable indicator of future performance. View the full historical performance.
4 Monthly distribution rate paid for the month of September 2025, annualised. The monthly distribution rate is updated each month and is not a forecast. Past performance is not a reliable indicator of future performance. For full historical performance please visit centuria.com.au/caf.
5 Centuria intends to pay monthly distributions and will be subject to terms set out in the PDS.
6 The ability of the Fund to offer monthly quarterly withdrawals is not guaranteed. The amount available to meet quarterly withdrawal requests will be up to 2.5% of the Net Asset Value of the Fund. If the aggregate value of withdrawal requests received exceeds the available fund, the Responsible Entity will scale back withdrawal requests on a pro rate basis. Refer to the PDS for full terms on withdrawal and liquidity.
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