Harvard University endowment fund sells Cowl Cowl and Wyadra properties at Hillston

One of the world’s most prestigious universities has sold two of its NSW Riverina farms in a deal worth more than $120 million.

ONE of the world’s most prestigious universities has sold two of its NSW Riverina farms in a deal worth more than $120 million.

According to media reports, the Boston-based Harvard University endowment fund has offloaded Wyadra and Cowl Cowl properties near Hillston in the Riverina to fellow US company Hancock Agricultural Investment Group.

Harvard Management Company listed the 11,001ha Cowl Cowl and the 9949ha Wyadra for sale last autumn alongside the 11,617ha Newmarket Station near Hay with expectations of about $100 million. It is understood that Newmarket does not form part of the HAIG sale.

At the time of the listing, CBRE regional director Danny Thomas said the sale followed a decision by Harvard Management Company to divest its surplus row-cropping land to focus on permanent plantings. Mr Thomas was unavailable for comment today.

The Harvard endowment fund is the largest academic endowment in the world with an estimated US$40.9 billion (A$58.5 billion) in its coffers. Harvard Management Company directly manages about a third of the endowment fund’s portfolio.

Hats off: Harvard is one of the most prestigious universities in the world.

When listing the Riverina farms last year, Mr Thomas described them as “institutional-grade” properties and said “in Harvard fashion, they’ve spared no expense in developing quality infrastructure”.

Cowl Cowl and Wyadra boast 10,895ha of lateral move and centre-pivot irrigation country, 2271ha of highly developed flood irrigation land and 1865ha of dryland cropping.

Water entitlements include 43,502 megalitres of Lachlan River general security and 511 megalitres of stock and domestic water.

Renowned farm: The Cowl Cowl homestead.

According to its website, Hancock Agricultural Group manages more than $4.8 billion in farmland assets globally covering some 161,875ha.

In Australia, its main investments are in Queensland, Victoria, South Australia and NSW with 60,288ha of almond and macadamia land acquired since 2000.

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In the US, its investments include farms in California, the Midwest, the Mississippi Delta and the Southern Plains. HAIG also owns property in Quebec and Alberta in Canada.
Harvard University has educated eight US Presidents — John Adams, John Quincy Adams, Rutherford B Hayes, Franklin D Roosevelt, Theodore Roosevelt and John F Kennedy, George W Bush and Barack Obama — as well as Facebook founder Mark Zuckerberg and Microsoft founder Bill Gates.