Private Land & Property Fund acquires Katikati orchard

The Private Land & Property Fund has announced the acquisition of a 35.7ha kiwifruit and avocado orchard property in Katikati for $14.1 million.

The property, which consists of 6.7ha of SunGold kiwifruit, 8.6ha of green kiwifruit, and 5.5ha of mature Hass avocados, will be owned and operated by Woodland Road Orchard Limited Partnership.

The purchase is expected to contribute to the fund's long-term return objective of 6.5% per annum.

It also offers potential for enhanced returns through the conversion of 10.6ha of green kiwifruit and avocados to SunGold kiwifruit.

The acquisition will be funded by ongoing subscriptions to the fund.