Craigmore Sustainables has purchased two apple orchards, which will eventually have a total canopy area of over 110 hectares.
Ngaruroro orchard in the Twyford region of Hawke’s Bay and Patutahi orchard in Gisborne are both strategically located in tier-one apple-growing regions, benefiting from optimal climatic conditions and surrounding apple industry infrastructure.
Craigmore will transition Ngaruroro orchard, previously owned by Kiwi Crunch, to grow premium varieties on more modern structures, starting with over 21ha being redeveloped this winter.
Patutahi, previously owned by Judco, includes 16ha, which will be developed with premium varieties, to be planted winter 2025.
Through these development activities, Craigmore will increase both production from these orchards and the average price per tray of apples.
The acquisitions mark the first investments for a client owned by a European institutional investor. Craigmore provides governance and management services to the client.
“In line with Craigmore’s strategy, there will be a high level of New Zealand control over both investments and operational decisions for these orchards” said Craigmore chief executive, Che Charteris.
Craigmore already has 290ha of apple orchards under management in Hawke’s Bay and Gisborne, including a recently developed 180 canopy hectare orchard near Ongaonga.
Over the coming months, further acquisitions in permanent crops are anticipated as part of the growth strategy.
Craigmore is actively engaged in development of the newly acquired assets, to be completed over several years.
“Craigmore can see a significant need for additional patient long-term capital in the New Zealand apple sector,” said Charteris.
