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How Westchester identifies and evaluates farmland suitable for institutional investment
Westchester was founded in 1986 and currently manages more than two million acres scattered over four continents. This long history and significant management area has afforded Westchester unique insights into farmland suitable for institutional investment. Westchester remains a strong proponent of the notion that a globally diversified portfolio is the best way to invest in farmland assets. Geographic diversification, when properly executed, can mitigate the effects of external local risk factors such as adverse weather and price volatility.
To execute geographic diversification effectively, one must first source the farmland opportunities in their respective global locations. Therein lies the question – how does Westchester determine which countries and regions are investable?
This paper examines the availability of farmland globally in acres. We outline the process Westchester undertakes to analyze and filter the world’s available farmland down to an investable universe that is suited for institutional investment. Finally, we outline the methodology by which we estimate the value of this investable universe.
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A word on riskAs an asset class, agricultural investments are less developed, more illiquid, and less transparent compared to traditional asset classes. Agricultural investments will be subject to risks generally associated with the ownership of real estate-related assets, including changes in economic conditions, environmental risks, the cost of and ability to obtain insurance, and risks related to leasing of properties. Nuveen provides investment advisory solutions through its investment specialists.
