Cowal Agriculture sells Emerald aggregation for $120m-plus

A huge irrigated Central Queensland cropping portfolio comprising almost 6000ha has been sold by its US-based owner.

A huge irrigated cropping aggregation in Central Queensland has been sold in a deal understood to be worth more than $120 million.

Cowal Agriculture, a 5976ha institutional grade irrigated cropping holding, which was affiliated with the US-based Global Endowment Management, has been sold to a Sydney-based funds manager.

The Cowal Agriculture aggregation was listed for sale in November last year with a price tag of more than $120 million.

While the price of the sale is undisclosed, it is understood to have been completed for a figure in this vicinity.

Cowal Agriculture comprises six farms including 3211ha Brayland farm, covering more than 2000ha of mostly irrigated country on the Nogoa flood plain.

The 1020ha Parker, 586ha Lochiel, 330ha Nyang, 418ha Orana and the 411ha Trawalla farms comprise the remainder of the aggregation in two adjoining landholdings to the northeast and northwest of Emerald.

The 5976ha Cowal Agriculture has been sold in a deal understood to be worth more than $120 million.

Cotton, sorghum, wheat, chick pea and mung bean crops are produced on 3549ha of row cropping land, 270ha of bankless channel country and 144ha of centre-pivot irrigation.

LAWD agents Danny Thomas and Simon Cudmore handled the sale of the portfolio.

Cowal Agriculture was first formed by the now defunct PrimeAg Australia, growing the aggregation before selling it in 2013 to an entity affiliated with US-based investment fund Global Endowment Management.

Cowal Agriculture was listed for sale as the fund is closing.

At its current capacity, a team of 10 full-time employees work across the aggregation, with five additional workers employed during the peak summer cropping season.

In 2013 an entity affiliated with US-based investment fund Global Endowment Management purchased the aggregation from PrimeAg Australia.

Most employees live on-farm with the Cowal Agriculture farm families totalling 50 people, including 20 children.

The portfolio has 12km Nogoa River frontage and is irrigated by Fairbairn Dam.

Water entitlements include 27,157ML of medium-priority water and 4648ML unsupplemented water. On-farm water storage has a capacity of 8025ML.

There is also a dryland cropping area with some of the land suitable for permanent horticulture development.

The $70 million Gemfields portfolio owned by the world’s largest macadamia growers, the Zadro family, adjoins Cowal Agriculture and was listed for sale in June.

Recently an Australian billionaire businessman sold his one million hectare cattle aggregation for a record-breaking $250 million to a Sydney-based asset manager, pending settlement.