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Australian agricultural investment manager, Warakirri, has announced the acquisition of two large-scale vineyards for the Warakirri Farmland Fund. The deal with Australian Vintage includes over 1,300 hectares of land and a portfolio of water entitlements, with a combined value of AUD 62.5 million ($42.1 million approx.). The fund will acquire and lease back the two vineyards – Coldridge in South Australia and Grande Junction in New South Wales – on a long-term basis. Together with Australian Vintage, Warakirri will work on vineyard developments to “maximise production and promote sustainability”. Jim McKay, Warakirri Asset Management's managing director, said: “We’re excited to add these two quality assets and another best-in-class tenant partner to the Warakirri Farmland Fund. Australian Vintage’s commitment to quality grape and wine production, innovation, social responsibility and sustainability make them a great partner for our fund’s clients.” Steve Jarrott, portfolio manager of the fund, added: “The Australian wine industry retains strong fundamentals and good future growth prospects. With our strategy and investment philosophy, patient long-term perspective and a high-quality partner like Australian Vintage, this land- and water-rich vineyard investment is a great way for the Fund to gain exposure to this sector.” The two vineyards currently supply around 23,000 tonnes of grapes to the Australian Vintage winery each year. The company’s chief executive, Craig Garvin, said: “Warakirri are known for their world-class capability within the agricultural sector. They have committed to further enhance and develop the vineyards thereby improving yield output and we are really pleased to be able to work with them on this opportunity.” Launched in 2021, the Warakirri Farmland Fund was developed for institutional investors and aims to buy, develop and own a diversified portfolio of agricultural property and lease the assets to businesses as tenant partners.