Aquna Murray cod Australia set for major NSW Riverina expansion

Global investors could pour up to $500 million into a new agricultural investment fund led by the world’s largest Murray cod producer.

Aquna Murray cod Australia, based near Griffith, have launched the Australian Sustainable Protein Fund. Picture: Supplied (Luis Enrique Ascui)

Sovereign wealth funds alongside institutional and “sophisticated” investors could pour up to $500 million into a new agricultural investment fund led by the world’s largest Murray cod producer.

The ASX-listed Aquna Murray cod Australia, farmers of the white-fleshed native fish, has bought a 200ha property in the northern NSW Riverina near Standbridge, the seed asset of its new Australian Sustainable Protein Fund.

Following the purchase of the Standbridge farm, located between Leeton and Whitton, Aquna Murray cod Australia have plans for the fund to acquire $20-$30 million worth of farmland, while also wanting to build a $150-$200 million water portfolio.

Domestic investors as well as those from Singapore and southeast Asia have shown interest in the fund, which aims to raise $100 million initally and grow to $400-$500 million by 2030.

Aquna Murray cod Australia chief executive Ross Anderson said the Griffith-based company was close to increasing its number of ponds from 50 to 80, with plans for up to 500 by the end of the decade.

“Our model has been to continuously reinvest our profits, but this fund is designed to provide a more stable return, appealing to a different investor,” Mr Anderson said.

Aquna Murray cod Australia chief executive Ross Anderson. Picture: David Swift.

“Depending on the level of investment we are looking to handle yields in the 8 per cent (per annum) range. We are also anticipating capital growth for the property and capital uplift following the development of our ponds and other infrastructure.

“Our model has also been to work with individual landholders to build ponds, but this fund will allow us to do things a bit more smoothly and get a runway for development.”

In 2011, the company was listed on the ASX when it had fewer than 10 staff and a handful of ponds.

More than a decade later Aquna Murray cod has more than 75 employees and forecasts it will produce 10,000 tonnes of Murray cod a year by 2030.

The company also ranks as the nation’s 25th largest agribusiness growing to a market capitalisation of more than $107 million.

“We could be selling 20 times as much fish as what we are selling now. There is such a strong demand to satisfy,” Mr Anderson said.

“During covid we stocked our hatcheries conservatively as some of the export markets slowed, but those markets have come back strongly now the supply chain has opened up.”

Griffith has become a hot spot for agricultural investment in recent months, including Canadian-backed Excel Farms’ $120 million purchase of Ballandry Station, while the Costa family’s goFARM has also launched a $120 million almond growing expansion in the region.