Plenty secures $1bn deal for vertical farm retail real estate financing -> Plenty secures $1bn deal for vertical farm retail real estate financing

A technology agriculture startup has partnered with trusted investment firm Realty Income to develop a site in Virginia.

Plenty Unlimited has partnered with trusted investment firm Realty Income for up to $1 billion to develop indoor vertical farms.

The first project under the partnership will be the financing of Plenty's new vertical farm hub in Richmond, Virginia, a project announced in September.

According to a statement, Realty Income will "acquire and provide financing for the properties that will house Plenty's indoor farms. These properties will be leased to Plenty under long-term' 'net lease contracts'.

The company, headquartered in California, grows leafy greens, herbs and certain types of fruits and vegetables in a controlled indoor environment.

Earlier this month, Plenty announced a new research and development center in Laramie, Wyoming, with a $20 million grant from the state's business council. Plenty will grow strawberries at the new campus through an existing partnership with retailer Driscoll'\''s.

Realty Income CEO and President Sumit Roy said, "We are pleased to announce this strategic partnership with Plenty, whose sustainable business practices align with Realty Income's values, which include giving back more than we take in to our community and the environment.'' 'Our introduction to agricultural technology provides another potential growth opportunity for our company. Over time, we hope to expand our collaboration with Plenty into international markets of mutual interest.'

Executive Director of Plenty Aram Kukutai said, "Scale is a key part of developing domestic farming as a major source of food at scale. Partnering with Realty Income is an important step forward in accelerating the deployment of our farms through vertical farming institutions designed specifically to support Plenty's unique growing technology.

Last year, Plenty said it would invest $300 million over six years in a Virginia "campus." The partnership with Driscoll'\'\''s, which is also a long-term investor, was the beginning of the company's expansion beyond the West Coast. After the strawberry farm, the new acreage will be used to grow herbs and tomatoes, with the ultimate goal of producing an annual crop of 20 million pounds.