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TIMBERCORP PRIMARY INFRASTRUCTURE FUND
 
The Timbercorp Primary Infrastructure Fund ("the Fund"), formerly called the Timbercorp Agribusiness Trust, was established in September 2005 to acquire agricultural properties, including associated infrastructure and permanent water rights, for use in agribusiness projects.
 
Align Funds Management Limited is the Responsible Entity of the Timbercorp Primary Infrastructure Fund.

  

The investment strategy of the Fund was to provide an attractive yield and capital growth to investors by investing in agricultural property and infrastructure, underpinned by long term leases to Timbercorp Limited (Timbercorp). Unfortunately, due to Timbercorp Group appointing an Administrator in March 2009 and subsequently its bankers appointing Korda Mentha as Liquidators in June 2009, the sole income source of the Fund ceased effective 30 June 2009.

 

The Fund owns the following 3 properties (via 3 wholly owned sub-trusts):

Solora Southa citrus property of 313 planted hectares, located in South Australia, which was acquired in September 2005.  This property comprises approximately 133,000 trees, extensive irrigation infrastructure and 4,510 megalitres of permanent water rights;

Liparoo - an almond property of 1,004 planted hectares, located in Victoria, which was acquired in September 2005.  This property comprises approximately 251,000 trees, extensive irrigation infrastructure and 12,646 megalitres of permanent water rights; and

Yungera - an almond property of 2,842 planted hectares, located in Victoria, which was acquired in May 2006.  The property comprises approximately 710,500 trees, extensive irrigation infrastructure and currently has 35,613 megalitres of permanent water rights

As a consequence of Timbercorp's Liquidators failing to pay lease rentals after 30 June 2009, the secured lender to each of the Fund's sub-trusts (ANZ Bank) appointed PricewaterhouseCoopers as Receivers and Managers in September 2009. PricewaterhouseCoopers are currently in the process of selling these 3 properties - refer to announcements section of this website for the current status of these sales.   

The Fund has approximately 460 unit holders. Timbercorp Limited (in Liquidation) is the largest unit holder with 46% of the issued units in the Fund. 

Click here to view our Management Structure

 

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