Premium Hass avocado co-investment across 136 hectares of irrigated farmland in Levante, Spain. Institutional-grade structure with Dusa® clonal rootstock technology.
€10.0M
Total Project
21.1%
Levered IRR
2.49×
MOIC
136 ha
Across 4 Farms
Dry Capital · Lake Capital · AKRE Partners | Strictly Confidential | Draft
02 / 17
The Opportunity
A structural gap between European demand and domestic supply
Demand outpacing supply
EU avocado consumption has grown 300% in 15 years. Spain imports 85% of what it eats. Unlike Latin America, EU-grown avocados face zero tariffs, zero shipping, and full EUDR compliance.
Institutional capital is absent
Large-scale avocado farming in Spain is almost entirely family-run. No institutional platform exists to deploy capital at scale with professional structuring, reporting, and governance.
Off-market access
18 months of direct negotiation secured four off-market farms in Levante — a region with better water security than Andalusia and lower land costs than the Costa del Sol.
From Farm to Fork — Zero Food Miles
EU-grown Hass avocados: zero tariffs, zero shipping, zero deforestation risk. The only institutional-grade platform in European avocado farming.
03 / 17
Market Dynamics
Second-fastest growing fruit globally after blueberries
EU Avocado Consumption (Kt)
Source: Eurostat, MAPA, industry estimates
Europe is the world's third-largest avocado consumer after the US and Latin America, but per-capita penetration is still a fraction of North America — leaving significant room for growth.
Origin
Share
Transit
Tariff to EU
Peru
~30%
18–22 days
0% (FTA)
Chile
~15%
18–22 days
0% (FTA)
Morocco
~10%
2–4 days
4–5.1% MFN
Spain (domestic)
~15%
0 days
0%
Spain-grown avocados command a premium: zero transit time means longer shelf life, lower spoilage, and full compliance with the EU Deforestation Regulation (EUDR) which creates a compliance barrier for non-EU suppliers from 2025.
04 / 17
Why Levante
Better water, lower cost, proven microclimate
Spain's avocado production is concentrated in Andalusia (Málaga, Granada), where water stress is rated 5/5 and farmland costs have surged. Levante (Castellón, Valencia) offers a compelling alternative.
💧
Water security
Júcar basin rated 3/5 stress vs Guadalhorce (Málaga) at 5/5. Dual-source: communal irrigation + private well.
🌡
Proven microclimate
Frost-free coastal belt. Same latitude as Málaga growing zone. Dusa® rootstock validated in region by Brokaw Spain.
€
Lower land cost
Well below Andalusia. National avg €121,916/ha (2024, MAPA). Levante enables institutional-scale entry at competitive pricing.
136 Hectares of Irrigated Farmland
Four off-market sites in Castellón, Levante. 18 months of direct negotiation. Dual water sources secured.
05 / 17
The Asset: 136 Hectares
73% lease / 27% freehold · 4 farms · all with secured water rights
Plot 1 — Lease · 99.35 ha
Onda / Betxí, Castellón
Tenure
Long-term agricultural lease
Annual Lease
€312,953/yr
Plantable
87.43 ha
Water
Comunidad de Regantes Cota 220, Río Mijares
Crop
Hass graft on Dusa® rootstock
Plot 2 — Freehold · 36.93 ha
Masía San José, Castellón
Tenure
Freehold purchase
Well
Private, 188m deep, 41.6 l/s, 72,000 m³/yr
Plantable
32.50 ha
Water
Private well, Catálogo de Aguas Privadas (CHJ)
Crop
Hass graft on Dusa® rootstock
All farm property records (FICHAs 1–4), water rights certificates, and lease agreements available in the investor dataroom.
06 / 17
Water Rights
Dual-source resilience: communal irrigation + private well
Dual-source security
Plot 1 draws from the Río Mijares via Comunidad de Regantes Cota 220 (surface water). Plot 2 has its own private well (groundwater). Two independent sources reduce drought risk.
Júcar basin advantage
Levante sits in the Júcar basin, rated 3/5 water stress. Competing regions (Málaga, Guadalhorce) are 5/5. This is a structural advantage for long-term farming viability.
Drip irrigation
All 136 ha will use precision drip irrigation, minimising water consumption per tree. Combined with Dusa® rootstock's efficient fasciculated root system for maximum absorption.
Water rights: Derecho agua_FINCA 2_BETXI.pdf (CHJ concession 2000, Expediente 1984CR0027) · Legalización Aforo y Plano Finca 3_Maria José.pdf (Clave 88IC2830, CHJ 2000). Both in dataroom.
07 / 17
Rootstock Technology
Why "Hass graft on Dusa® rootstock" matters for investors
Every tree in this project is a Hass variety (the fruit) grafted onto a Dusa® clonal rootstock (the root system). This is the single most important agronomic decision — it drives yield, disease resilience, and orchard uniformity.
Traditional — Seedling Rootstock
Each seed is genetically unique. Trees vary in size, yield, and water needs. Inconsistent orchards — harder to manage.
Our Project
Clonal — Dusa® Rootstock
Every tree is a genetic clone. Uniform vigour, yield, and water needs. Homogeneous orchards — efficient management.
+32%
vs seedling · Spain 5-year study
+50%
vs Zutano · Chile 7-year study
Tolerant
to Phytophthora cinnamomi (root rot)
Source: Brokaw Spain S.L. (ISO 9001/14001/45001), "Clonal Avocado Advantages", Dec 2024. Full document in investor dataroom.
Technology Partner
Brokaw Spain
40 years of clonal rootstock excellence
Viveros Brokaw S.L. is the largest clonal avocado nursery in Spain. Their patented Frolich & Platt propagation method produces trees from proven adult material — not seed — ensuring identical genetics across every tree in our orchards.
40
years
3
ISO certs
#1
Spain nursery
Dusa®
clonal rootstock
Yield Ramp: First Harvest Year 3 — Plateau Year 8
Dusa® rootstock delivers +32% yield vs seedlings. Homogeneous orchards mean lower management costs.
08 / 17
Production Profile
Dusa® rootstock: +32% yield vs seedlings · plateau ~14 t/ha from Year 8
18 months of off-market origination · deep regional expertise
Daniel Garrigues
Promoter & Land Specialist · Levante
Entrepreneur with deep Spanish farmland network. Originated the concept and secured all four farm sites off-market. 18 months of direct negotiation. Local operational oversight.
Borja Sacristán
AKRE Partners · Financial Structuring · Madrid
Model author. 25 deals in 3 years, €200M volume. Agribusiness securitisation and SPV structuring expertise.
Belén Portolés
Brokaw · Technical Advisory · Spain
40-year nursery, ISO 9001/14001/45001. Dusa® clonal rootstock: +32% yield vs seedlings. #1 rootstock worldwide.
Emilio Guirado Sánchez
Farm Operations · Levante
Foremost avocado authority in Europe. Decades of Levante farm management. Day-to-day operations across all four sites.
10 / 17
Capital Structure
€10M total · 50% LTC · 73% lease-based
Sources
LP Equity
€4.3M
Sponsor
€0.7M
Senior Debt
€5.0M
Total: €10,012,270
Key Terms
Vehicle
SPV (S.L.), Spain
LTC
50%
Debt
7% / 10-yr
Mgmt Fee
€2,600/ha/yr (€343,200/yr)
Carry
20/25/30/50% tiered
Pref Return
10% IRR
Min Ticket
€250,000
Arrangers
Dry Capital, Lake Capital, AKRE
Uses of Funds
Planting & Installations€5.6M (55.6%)
Working Capital€2.8M (27.6%)
Debt Service Reserve€1.3M (13.0%)
Structuring & Capital Raise€0.4M (3.8%)
Total: €10,012,270
Note: No land acquisition cost — Plot 1 (73% of area) is leased, Plot 2 purchase cost embedded in planting/installations.
AKRE Model (10 Apr 2026) · Overview tab rows 7–17 · CAPEX, OPEX - PROYECTO AGUACATES.xlsx in dataroom
11 / 17
Return Profile
AKRE model · 1.5% cost inflation · zero price inflation · 5-year exit
21.1%
Levered IRR
18.4%
Net IRR (after carry)
2.49×
MOIC
€17.2M
Exit (Year 5)
Cash Flow to Equity
Total Equity (Yr 0)
(€5,706,135)
Exit Proceeds (Yr 5)
+€17,211,544
Debt Repaid at Exit
(€5,006,135)
Free Cash to Equity
+€12,469,415
Return Drivers
⌇
Yield premium
Dusa® +32% vs seedlings. Plateau ~14 t/ha from Y8.
€
Conservative pricing
€2.50/kg midpoint. Zero price inflation assumed.
↑
Lease-light structure
No land acquisition. Lower equity requirement = higher equity returns.
⊘
Institutional exit
Y5: cash-flowing asset → agricultural buyer at €17.2M.
AKRE Model (10 Apr 2026) · Overview D19 Unlev 13.5% · D20 Lev 21.1% · D21 MOIC 2.49× · D23 Net 18.4% · Cash Flow tab row 47
12 / 17
Sensitivity Analysis
Two-way matrix: price per kg × production variation (from AKRE model Sensitivity tab)
Levered IRR
Price ↓ / Prod →
80%
90%
100%
110%
120%
€2.00
−8.1%
−2.4%
2.4%
6.5%
10.2%
€2.25
2.4%
9.2%
13.3%
18.1%
21.5%
€2.50
8.9%
17.4%
21.1%
27.6%
33.2%
€2.75
15.3%
23.3%
29.9%
35.7%
40.7%
€3.00
19.0%
27.1%
33.8%
39.2%
44.8%
Equity Multiple (MOIC)
Price ↓ / Prod →
80%
90%
100%
110%
120%
€2.00
0.58×
0.81×
1.03×
1.25×
1.47×
€2.25
1.06×
1.43×
1.69×
2.18×
2.49×
€2.50
1.33×
1.90×
2.49×
2.99×
3.66×
€2.75
1.71×
2.40×
3.00×
3.95×
4.27×
€3.00
1.96×
2.81×
3.54×
4.10×
5.17×
Downside: €2.00 / 80%
−8.1%
0.58× — capital loss
Base: €2.50 / 100%
21.1%
2.49× MOIC
Bull: €3.00 / 120%
44.8%
5.17× MOIC
AKRE Model (10 Apr 2026) · Sensitivity analysis tab · 15×21 full matrix (price €1.80–€3.20 × production 50%–150%)
13 / 17
Project Timeline
Capital close → planting → first harvest → exit
Establishment (2026–2027)
Mar–Jun 2026
Capital raise, close. Lease execution + Plot 2 acquisition.
11 documents available on request after NDA execution
Document
Category
AKRE partners Model (10 Apr 2026)
Financial Model
CAPEX, OPEX - PROYECTO AGUACATES.xlsx
Cost Breakdown
CRONOGRAMA GENERAL PROYECTO 150 ha.xlsx
Project Timeline
Clonal Avocado Advantages Dec 2024 (Brokaw)
Agronomic
NDA (ANEXO CONFIDENCIALIDAD)
Legal
Document
Category
FICHA 1 – Finca Casa Perot
Farm 1
FICHA 2 – Finca Bechi
Farm 2
FICHA 3 – Finca Masía San José
Farm 3
FICHA 4 – Finca Huerto del Carmen
Farm 4
Derecho agua Finca 2 Betxí + Legalización Finca 3
Water Rights
Glossary
Key abbreviations and terms
Term
Definition
IRR
Internal Rate of Return — annualised return accounting for timing of cash flows
MOIC
Multiple on Invested Capital — total cash back per €1 invested
EBITDA
Earnings Before Interest, Taxes, Depreciation and Amortisation
LP
Limited Partner — the investor(s) contributing capital
SPV
Special Purpose Vehicle — ring-fenced legal entity (Spanish S.L.)
LTC
Loan to Cost — ratio of debt to total project cost (50%)
MFN
Most Favoured Nation tariff — standard WTO import rate
ESG
Environmental, Social and Governance
Term
Definition
EUDR
EU Deforestation Regulation — compliance barrier for non-EU suppliers
ha
Hectare — 10,000 m² (≈2.47 acres)
t/ha
Tonnes per hectare — standard measure of agricultural yield
Dusa®
Patented clonal avocado rootstock. Tolerant to Phytophthora root rot. Propagated by Brokaw.
CHJ
Confederación Hidrográfica del Júcar — the Júcar river basin water authority
FTE
Full-Time Equivalent — one person working full-time for one year
SDG
Sustainable Development Goal (UN 2030 framework)
S.L.
Sociedad Limitada — Spanish limited liability company
16 / 17
Indicative Terms & Investment Process
Agreed terms from the financial model · Items marked TBN subject to negotiation via LOI
Agreed Terms
Term
Detail
Vehicle
SPV (Sociedad Limitada), Spain
Total Project
€10,012,270
LP Equity
€4,306,135
Sponsor Co-Invest
€700,000 (AKRE / principals)
Senior Debt
€5,006,135 (50% LTC)
Debt Terms
7% fixed / 10-year, drawn in tranches Y1–Y4
Preferred Return
10% IRR hurdle
Management Fee
€2,600/ha/yr (€343,200/yr)
Carry
Tiered: 20 / 25 / 30 / 50% (brackets TBN)
Minimum Ticket
€250,000
Target Exit
Year 5 at €17.2M (sale to agricultural buyer)
Asset Base
136 ha across 4 fincas (99 ha leased + 37 ha owned)
Arrangers
Dry Capital · Lake Capital · AKRE Partners
To Be Negotiated (via LOI)
Term
Status
SPV Name & Incorporation
Pending — entity not yet formed
Fund Term + Extensions
TBN — model assumes Y5 exit
Carry Waterfall Brackets
TBN — tiered % agreed, thresholds open
Distribution Policy
TBN — frequency & priority of distributions
GP Clawback
TBN
LP Governance / LPAC
TBN — advisory committee composition & rights
Key Person Provisions
TBN — Emilio Guirado as key person proposed
Reporting Cadence
TBN — quarterly financial + annual audit proposed
Transfer / Redemption
TBN — lock-up period and transfer restrictions
Subscription Mechanics
TBN — closing schedule, capital calls
Tax Structure
TBN — withholding for non-Spanish LPs
Side Letter Rights
TBN — MFN, co-invest, reporting
Investment Process
1
NDA Execution
Sign confidentiality agreement
2
Due Diligence
IM, model, dataroom access
3
LOI / Term Sheet
Non-binding offer on TBN terms
4
Closing
Capital commitment & subscription
Target closing: 30 June 2026 (agricultural seeding deadline). LOI terms negotiated bilaterally with each investor. AKRE Model (10 Apr 2026) for all financial figures.
Confidentiality: Strictly confidential. Unauthorised disclosure prohibited. Recipients must sign the NDA (available in dataroom).
Disclaimer: For informational purposes only. Does not constitute an offer. Agricultural investments carry inherent risks. All projections based on assumptions in the AKRE financial model (10 April 2026). Consult your own advisors.
