Kulwin Park at Wycheproof bought by offshore investor-backed fund

Kulwin Park at Wycheproof has become the second Rifa Salutary property in as many weeks — following Blackwood Station — to emerge as sold.

Sell-off: Rifa’s Kulwin Park at Wycheproof has reportedly sold to an offshore investor-backed fund for almost $10 million.

AN OFFSHORE investor-backed fund has reportedly purchased Kulwin Park at Wycheproof from Chinese-owned Rifa Salutary.

The 4390ha cropping and grazing property is understood to have sold for almost $10 million.

It comes after The Weekly Times last week reported barrister-to-the-stars Allan Myers’ Dunkeld Pastoral Company bought Rifa’s 2420ha Western District property Blackwood Station.

No sale price was disclosed, however Rifa purchased Blackwood in 2014 for a reported $14 million.

Rifa purchased the 4534ha Kulwin Park and McNicholl’s properties in 2017 for $9 million from father-and-son vendors Murray and Mich­ael Stapleton.

Almost 4000ha of the land is arable, 321ha is grazing country and 72ha is timbered area that can also be grazed.

Selling agent Danny Thomas, from CBRE, told The Weekly Times in August the property was “ideal for dryland cropping”.

Rifa Salutary, the Australian arm of Hangzhou-based manufacturing and investment giant Zhejiang Rifa Holding Group, announced in July it was offloading its portfolio of 14 holdings across NSW and Victoria, which was expected to fetch “north of $150 million”.

Its NSW holdings comprise the 22,550ha Cooplacurripa Station at Gloucester, purchased in 2015, the 8000ha Middlebrook aggregation at Nundle, bought in 2016 for about $60 million, and the High Plains aggregation at Warialda, purchased in 2016 for $15 million.

It also owns the 4931ha Ashleigh Station at Gravesend and the 1457ha Kerriki at Gloucester, purchased in 2015.