$120m-plus Queensland farms split between two buyers
UK investors have carved up 34,944ha of cropping and beef farms, selling to a local family and a newly formed agricultural and carbon fund. See the details.
A 34,944ha portfolio of irrigated and broadacre dryland cropping plus beef farms in Central Queensland has been split between two buyers.
The grazing portion of the Arcturus Downs Portfolio has been sold with the 19,343ha non-contiguous Pindari properties, located 34km from Springsure, snapped up by the Gale family.
The Gale family operate as the Nalcoombie Pastoral Company, from their namesake property also at Springsure.
The 15,601ha Arcturus Downs Aggregation, 32km from Springsure, has been acquired by Meldora — a newly formed $250m diversified agricultural platform backed by mammoth Canadian pension fund La Caisse and the federal government’s Clean Energy Finance Corporation.
The value of the two sales remains undisclosed, however, industry sources have confirmed the entire portfolio was sold for greater than $120m.
The Arcturus Downs Portfolio was listed for sale in August last year by a consortium of UK investors. No price guide was offered with the listing.
The CEFC announced the inception of Meldora on Monday, revealing La Caisse had invested $200m alongside a $50m commitment from the CEFC.
They also announced Australian agriculture and natural capital asset manager, Gunn Agri Partners would be managing Meldora after acquiring its first asset, “a broadacre and irrigation farm of more than 15,000ha in Central Queensland”, now revealed as the Arcturus Downs Aggregation.
The CEFC said Meldora will combine sustainable agricultural production with large-scale Environmental Plantings under the ACCU scheme, underpinned by a long term offtake from Rio Tinto for part of the ACCUs to be issued.
“By adopting an integrated sustainable land management model, this strategy can produce high-quality agricultural commodities while also increasing biodiversity, improving ecosystems, and earning carbon revenues through the investment in native landscape restoration,” CEFC head of natural capital Heechung Sung said.
“By utilising a high-integrity method – Environmental Plantings – that also supports biodiversity, these carbon credits have the potential to command a premium in the market.”
In June 2023 the CEFC and La Caisse, formerly known as Caisse de dépôt et placement du Québec, combined to acquire buy 1237ha northern NSW farm The Glen, via a $200m “sustainable agricultural platform” known as Wilga Farming. The CEFC contributed $50m to the platform, while La Caisse contributed $150m.
The Arcturus Downs Aggregation comprised a total land area of 15,601ha, of which 1000ha was developed for irrigation and 6682ha hectares was used for dryland cropping. This was supported by 3363ML of water entitlements and 14,000ML of on-farm water storage.
It comprised three neighbouring properties – 7940ha Arcturus, 3848ha Kronje and 3813ha Barton.
Pindari comprised a total area of 19,343ha, with 6450ha of open grazing land and a balance of timbered and rangelands land used for cattle breeding, rated to carry an estimated capacity of 2250 Adult Equivalents.
LAWD agents Simon Cudmore, Grant Veivers and Jaclyn Hope handled the Arcturus Downs portfolio transaction.
