Highland Sells Out, and to Canadians…
OTTAWA, Canada, July 16, 2013 – 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.”