Saturday, April 20, 2024

MyFarm to grow Envy apples with T&G

Avatar photo
Rural property syndicator MyFarm is seeking to raise $15.35 million to plough into growing Envy apples in collaboration with the variety owner T&G Global.
Reading Time: < 1 minute

MyFarm hopes to raise over $15 million to collaborate with T&G Global.

Rural property syndicator MyFarm is seeking to raise $15.35 million to plough into growing Envy apples in collaboration with the variety owner T&G Global.

Wholesale investors are sought to acquire, develop and operate a 40-canopy hectare property just south of Napier.

T&G recently replanted 28ha of the orchard in Envy trees on a 2D structure designed for automation of management.

T&G will invest $2.92m for a 19% stake in the venture and will complete development, manage ongoing operations and pack, export and market the apples.

MyFarm says its returns target is 5% annually from FY25, rising to 15% yield at maturity.

“We are delighted to team up with T&G to develop the Willowbank Orchard,” MyFarm chief executive Andrew Watters said.

“The strength of the premium Envy brand, combined with T&G’s world-class orcharding practices, global supply chain and sales and marketing expertise underpins what we expect to be excellent returns for investors in the property.”

T&G chief executive Gareth Edgecombe says the variety had grown to five million trays annually since its launch in 2011 and demand was projected to grow five-fold before 2030.

The produce company owns or leases 189ha of Envy orchards and markets the fruit from a further 740ha owned by independent growers.

“MyFarm’s Willowbank Orchard offer will allow us to invest our capital in what we do best – growing, exporting, marketing and selling high-quality fresh produce,” Edgecombe said.

The property settlement date is November 21, to be purchased from T&G.

Total
0
Shares
People are also reading