Michael Hintze buys Viridis Ag’s Canowindra aggregation for $21m

BILLIONAIRE businessman Sir Michael Hintze has splashed more than $21 million on a Central Western NSW aggregation owned by Macquarie-backed Viridis Ag.

Sir Michael Hintze.

BILLIONAIRE businessman Sir Michael Hintze has splashed more than $21 million on a Central Western NSW aggregation owned by Macquarie-backed Viridis Ag.

The British-Australian hedge-fund manager has bought the Canowindra aggregation comprising grazing and dryland cropping operations 3651ha Canomodine, and 536ha Elonera.

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It adds to the already extensive farm portfolio of Hintze’s MH Premium Farms, which has more than 40 properties across Queensland, NSW and Victoria covering more than 70,000ha.

The properties were part of Qatari-owned Hassads 100,000ha portfolio, which Macquarie’s Paraway Pastoral and Viridis Ag bought in September last year in a deal worth about $300 million.

Just six months after the purchase, a number of the properties it acquired as part of the deal were listed for sale.

It included Paraway Pastoral’s dryland and irrigated NSW properties spanning about 16,000ha made up of Laura Downs (6830ha) and Bundemar Park (6077ha) at Trangie, and Paddy’s River (3366ha) at Coonamble.

Combined they had an estimated worth of $50 million.

CBRE’s Col Medway said the vendors had decided to hold on to Laura Down this year to crop following a good season, while portions of the other properties had been sold.

“They are happy to crop it this year and crop sewing has commenced,” Mr Medway said.

“Parts of Paddy’s River and Bundemar Park have been sold to neighbours and a large portion of the water has been sold.”

Meanwhile, Viridis Ag’s Cummins aggregation, its South Australian cropping enterprise spanning 2647ha, went to auction in February but did not sell.

Elders real estate general manager Tom Russo said it had since been taken off the market.

“Viridis have decided to retain that aggregation,” Mr Russo said.