Acquires 6,500 Acres of Ontario Farmland
OTTAWA, ONTARIO--(Marketwired - July 16, 2013) -
Attn: News Editors.
Bonnefield Financial today announced an initial closing of its third investment partnership, Bonnefield Canadian Farmland LP III ("LP III"). LP III received various commitments totaling $100,000,000 from Canadian investors and more capital may be raised in subsequent closings to a maximum of $200,000,000.
Coincident with the closing of LP III, Bonnefield used a portion of the funding to complete one of the largest farmland transactions in Canadian history, the acquisition from the Highland Companies of over 6,500 acres of farmland located in Dufferin County, Ontario. The high-quality land, predominantly used for potato production, is located in the highlands of the Niagara escarpment a 90-minute drive north of Toronto. With its purchase by LP III, the land will continue to be farmed by local farmers.
"We are pleased to close this transaction with Bonnefield and believe it represents a good outcome for all parties," said John Scherer of Highland.
"The Dufferin County transaction is the realization of a long-held dream," said Tom Eisenhauer, President of Bonnefield. "Here we have Canadian investors, supporting Canadian farmers to ensure that one of our most precious resources - farmland - continues to be used for farming. That's the core of Bonnefield's mission: farmland for farming. We look forward to working with local farmers who will operate this land on a long-term basis and to ensure that it is preserved and enhanced for farming use."
Bonnefield is Canada's only national farmland investment management and property management company. Bonnefield's two previous farmland partnerships, LP I and LP II, have over $50 million in capital that has been deployed to provide land lease financing to farmers across Canada. To date Bonnefield's partnerships have secured approximately 35,000 acres of farmland for farmers located in Alberta, Saskatchewan, Manitoba, Ontario and New Brunswick.
Our goal is to protect the integrity of farmland for farmers while increasing its long-term value for investors. We do not operate farms, rather we work with farm operators to help them grow, reduce debt and diversify their assets while promoting good farming practices and wise business choices. We provide individuals, family offices and institutional investors with opportunities to invest in Canadian farmland for long-term capital appreciation and income.
Bonnefield is headquartered in Ottawa, Canada with offices in Toronto.