Vitalharvest’s A$185 million ASX listing

2 mins 26.09.2018 Bart Oude-Vrielink, David Schiavello, Geraldine Williams, Geoff Earl, John Riley, James Hamblin, Andrew Wright

MinterEllison advised Vitalharvest on the A$185 million IPO of the Vitalharvest Freehold Trust on the ASX.

Key takeouts

Unique IPO in terms of it being the first standalone agricultural REIT of major citrus and berries properties to be listed on the ASX.

Involved a post-listing restructure and extensive specialist corporate, funds and AFS licensing, real estate and stamp duty expertise.

Navigated complex government announcement of 'Integrity Measure' proposal prior to the listing and subsequent tax-related requirements.

The Vitalharvest Freehold Trust owns one of Australia's largest aggregations of citrus and berry farms, which are split over approximately 3,700 hectares and 130 property titles located across New South Wales, Tasmania and South Australia.

Vitalharvest's properties have been independently valued at A$238.4 million by CBRE and are leased to wholly owned subsidiaries of the ASX-listed Costa Group - Australia's leading grower, packer and marketer of premium quality fruit and vegetables.

Our involvement

MinterEllison advised Vitalharvest on the A$185 million IPO of the Vitalharvest Freehold Trust on the ASX. This IPO is unique in representing the first standalone agricultural REIT of major citrus and berries properties across a number of Australian states, which is listed on the ASX.

By working flexibly and collaboratively with other offices, Vitalharvest and its advisors from other firms, complexities across different jurisdictions encountered through the IPO process were seamlessly navigated as a team, culminating in the successful listing of the Vitalharvest Freehold Trust.

"Vitalharvest is well positioned to service a demand for increased food productivity and quality Australian produce, and we look forward to supporting them on their journey", commented lead partner, Bart Oude-Vrielink.

Significance

As the first ASX listed agricultural REIT, the Vitalharvest Freehold Trust is able to provide exposure to its portfolio of high quality berry and citrus assets to a wide-range of investors. MinterEllison will continue to work with Vitalharvest and provide ongoing assistance with our comprehensive knowledge of the Trust's agricultural assets and vision.

The Vitalharvest listing involved a large inter-office team with lawyers from MinterEllison's Melbourne, Sydney, Adelaide, Hong Kong, London and New Zealand offices, and drew upon the expertise of a number of areas within our practice including corporate and commercial, finance, stamp duty and property.