The Weekly Times | 24 February 2026
$150m tipped for major Victorian-NSW almond orchards
by Tallis Miles
Institutional investors from the UK are preparing to offload their 1000ha orchard portfolio, capable of producing 3.7 million kilograms of almonds annually.
London-based food and agriculture investor, Cibus Capital, has launched a campaign to sell its Amaretto Almonds venture, comprising two properties and substantial water entitlements.
Major consultancy firm PwC has been appointed to advise the Amaretto Almonds divestment, which comprises a 430ha orchard at Lake Powell in Victoria’s northwest plus the 570ha Noraleigh holding, located 5km south of Tooleybuc in western NSW Riverina.
Cibus Capital acquired the Lake Powell property in 2017, marking its first farmland purchase in Australia.
Two years later it expanded the Amaretto enterprise after purchasing the Noraleigh property.
Lake Powell is planted with Non-Pariel, Price and Carmel varieties, while Noraleigh is planted with Non Pariel, Monterey and Carmel varieties and includes a state-of-the-art trial orchard with several other varieties in different planting configurations.
The Weekly Times understands Cibus is looking for a sale price of about $150m total, including the supporting water rights portfolio.
Leased and permanent water rights account for about 66 per cent of Amaretto Almonds’ total water requirements.
Late last year Rabobank analysis said the nation’s almond sector was “entering a pivotal transition phase”, with renewal of ageing orchards and expansion into new areas.
The report said total planted area of almonds in Australia could lift by between 5000 and 10,000ha, equivalent to seven to 15 per cent growth in total area by 2030.
The listing of the Amaretto Almond enterprise comes after Laguna Bay investment group recently emerged as the buyer of the circa-1000ha Almas almond portfolio, comprising three orchards near Robinvale in northwest Victoria.
The Almas Almonds portfolio is held in the Laguna Bay Fund 2, which was established in early 2022, backed by a $350m anchor commitment from the Washington State Investment Board.
It is understood the Almas Almonds portfolio transacted for more the $100m, including associated Murray-Darling Basin water entitlements.