Toesca and Astarte Expand Their Regenerative Agriculture Portfolio with the Acquisition of Ñuble Alto

Astarte Capital Partners and Toesca Asset Management are pleased to announce the acquisition of Ñuble Alto, an approximately 800-hectare property located in the commune of Chillán, Ñuble Region, Chile. The acquisition represents the Fund's third investment and its largest acquisition to date, further advancing TPC II's strategy of building a diversified institutional portfolio of permanent crop assets across Chile and the Andean region.

Located in one of Chile's most important hazelnut-producing regions, Ñuble Alto will be developed into a large-scale greenfield hazelnut orchard, with land clearing and soil preparation scheduled to commence during the third quarter of 2026 and planting targeted for 2027. The property's strategic location, excellent road connectivity and favourable agroclimatic conditions provide a strong foundation for the long-term development of a high-quality institutional asset.

Building a Diversified Permanent Crops Platform

The acquisition of Ñuble Alto marks another important milestone in the development of TPC II. With three assets now incorporated into the portfolio, the Fund has established exposure across three agricultural regions, eight permanent crop varieties and three specialist operating partners, creating increasing diversification by geography, crop mix and development stage. The portfolio now comprises approximately 1,286 gross hectares, including an estimated 966 net plantable hectares, representing approximately US$61 million of total planned investment.

The addition of Ñuble Alto also expands the portfolio's geographic footprint into the Ñuble Region while introducing large-scale hazelnut production alongside the Fund's existing exposure to stone fruit, avocados, citrus and prunes. Together, these investments reflect TPC II's strategy of constructing a resilient, diversified permanent crops platform capable of generating long-term value through multiple regions, crop types and operating partners.

A Disciplined Investment Approach

The acquisition followed a comprehensive technical, environmental and commercial due diligence process, including detailed assessments of soil quality, agroclimatic conditions, topography, water resources, environmental compliance and permitting requirements.

The technical work confirmed approximately 630 hectares of plantable land, while soil quality exceeded initial underwriting expectations, reinforcing the property's suitability for long-term hazelnut development.

This disciplined underwriting process lies at the core of TPC II's investment approach, ensuring every acquisition satisfies the Fund's rigorous technical, operational and sustainability criteria before capital is deployed.

Looking Ahead

Development activities at Ñuble Alto are expected to commence during the third quarter of 2026 with land preparation and field works, followed by irrigation infrastructure and plantation development through 2027. Once established, the asset will further strengthen TPC II's position as an institutional platform focused on high-quality permanent crops managed according to regenerative agriculture principles.

As climate change, water scarcity and evolving global food supply chains continue to reshape agricultural production, regions combining favourable agroclimatic conditions, reliable water resources, established export infrastructure and strong institutional frameworks are becoming increasingly important for long-term food production. Chile is uniquely positioned to benefit from these structural trends, providing an attractive foundation for institutional investment in permanent crops.

The acquisition of Ñuble Alto marks another milestone in the continued development of TPC II. As the portfolio grows, the Fund is progressively building one of Chile's leading institutional permanent crops platforms, combining diversification across regions, crop types and operating partners with a disciplined investment approach centred on regenerative agriculture. Together, Astarte and Toesca remain committed to creating long-term value by investing in productive agricultural assets that contribute to more resilient food systems while delivering attractive risk-adjusted returns for investors.

Disclaimer

Astarte Capital Partners LLP is a regulated and authorised by the Financial Conduct Authority, FRN: 812389. Astarte Capital Partners LLP does not have the permission to market to retail investors, only professional investors and eligible counterparties as per COBS 3 of the FCA Handbook. This article and the information presented herein is not suitable for retail investors.