Craigmore to operate kiwifruit orchard for Farmland Reserve NZ

The 45-hectare kiwifruit property, Three Roads, near Whakatāne has been purchased by Farmland Reserve NZ, with New Zealand company, Craigmore Sustainables serving as the operating partner.

Farmland Reserve NZ is a subsidiary of the Utah-based agricultural land investment company, Farmland Reserve.

Like other businesses managed by Craigmore Sustainables, this investment will increase employment in the local community and increase exports.

The property is currently planted in 21-hectares of Sungold kiwifruit, and Craigmore plans to develop a further 17-hectares in the same variety. Once the vines reach full maturity, the additional development is expected to increase both jobs (direct and indirect) and export receipts by approximately 80%, along with the associated increase in New Zealand tax revenue.

Craigmore chief executive, Che Charteris, says there is strong alignment between the two businesses and commitment to driving rural productivity.

“Given New Zealand’s limited domestic capital, it is essential to attract offshore investment from partners who share our values and are willing to operate under the guidance of New Zealanders who are closely connected to the outcomes of those investments.

It’s thanks to partnerships such as this one with Farmland Reserve that Craigmore can have a positive impact on regional employment and help unlock new economic opportunities.”

Craigmore works with global capital partners to build and manage farms, orchards and forestry businesses in New Zealand, and now has over 38,600 hectares under management with more than 360 direct employees. It’s approach to local engagement, innovation and sustainability were key for the Farmland Reserve team when looking to invest in New Zealand.

“We’re confident in Three Roads’ future as a productive kiwifruit opportunity under Craigmore’s capable, proven management. We look forward to learning from each other,” said Doug Rose, Chief Investment Officer for Farmland Reserve.

At maturity, Craigmore’s current portfolio of horticulture, forestry and farming assets is anticipated to produce 130,000 tonnes of food and 600,000 tonnes of natural fibre per year.

At the same time, Craigmore is reducing greenhouse gas emissions, emissions intensity, and nutrient leaching and enhancing biodiversity across its portfolio.

About Farmland Reserve

Farmland Reserve is an integrated investment auxiliary of The Church of Jesus Christ of Latter-day Saints. Farmland Reserve’s earnings support the mission of the Church and its religious, humanitarian, educational, and charitable good works.