Gina Rinehart sets sights on agribusiness AFA

The Australian Food and Agriculture Company, backed by veteran stock picker Colin Bell and global hedge fund manager Ray Dalio, could be on the radar of billionaire Gina Rinehart. It comes as the wealthy mining tycoon also sets her sights on the country’s largest privately held pastoral empire S. Kidman and Co.

A spokesman for Mrs Rinehart’s company, Hancock Prospecting, did not comment on Friday about the speculation, while Bell Financial did not respond when contacted. However, one source late last week noted Rinehart’s interest.

The portfolio, controlled by the Bell Financial Group, recently changed its name from FS Falkiner to the Australian Food and Agriculture Company.

Privately owned AFA has been investing in agriculture since 1993 and has land holdings totalling 225,405ha.

Mr Bell is said to count Mr Dalio as a silent partner. The portfolio is located in southwest NSW in the districts of Coonambie, Deniliquin and Hay, with properties in the portfolio including Boonoke, Wanganella, Burrabogie and Wingadee.

Collectively, estimates suggest that it may be worth about $200m.

The company also owns about 54,693 megalitres of water licences in the Murrumbidgee and Murray irrigation areas.

The land holdings are used to grow grains and rice and run 75,000 merino sheep and 4000 Hereford breeding cows.

Recent speculation surrounding Mrs Rinehart’s interest came after The Australian revealed that Mrs Rinehart was poised to enter the contest for
S. Kidman and Co alongside Chinese conglomerate Shanghai CRED Real Estate, with a joint bid expected to top $300m.

Meanwhile, as Colin Bell remains in search of buyers for his rural properties, the Qatar Investment Authority is also
said to have plans to sell its rural holding Kaladbro in Victoria, east of Mt Gambier near the South Australian boarder.

It is understood that the property, owned by QIA’s subsidiary Hassad, will placed
up for sale for a price around $25m.

Given it is a cattle property, it no longer fits with Hassad’s sheep breeding strategy.