NSW Riverina cropping farms sold for almost $44 million

A foreign buyer has swooped on more than 3000ha of Riverina cropping farms in a major deal. See all the details.

Canadian-backed Lawson Grains have bought the 3096ha Bulgandra Aggregation for almost $44 million.

One of Australia’s largest cropping farmers have expanded their mighty agricultural portfolio after acquiring an institutional scale portfolio of farms in the NSW Riverina.

Corporate cropping giant, Lawson Grains, backed by Sydney-based global forestry investment manager New Forests and Canada’s Alberta Investment Management Corporation, have purchased the 3096ha Bulgandra Aggregation, located at Walbundrie, about 50km north of their Albury headquarters.

NSW property records show Lawson Grains has acquired the portfolio for $43.65m, in a deal completed in January.

The Bulgandra Aggregation hit the market late last year, listed for sale by a private vendor after the portfolio last changed hands in 2020 when American pension fund giant TIAA-CREF offloaded the farms to a consortium of local farmers.

Staff accommodation at the Bulgandra Aggregation includes a contemporary five-bedroom residence and an original four-bedroom home.

New Agriculture director Bruce King confirmed Lawson Grains had purchased the Bulgandra Aggregation. New Agriculture is the manager of the Lawson Grains portfolio on behalf of its investor, AIMCo.

“The Bulgandra Aggregation is adjacent to Lawson Grains’ Borambil Aggregation west of Albury, providing the opportunity to leverage economies of scale, existing supply chains, and manage these assets for strong investment returns and sustainability outcomes,” Mr King said.

Elders Real Estate state real estate manager – Victoria-Riverina Nick Myer, and agents Henry Mackinnon and Angus Macleod handled the sale but declined to comment on the transaction.

Located at Back Walbundrie Rand Rd, the Bulgandra Aggregation has produced cereal, oilseed and legume crops, prime lamb and wool.

Comprising red and brown loams, in addition to alluvial creek flats, 2961ha or 96 per cent, are considered arable.

Support infrastructure included more than 1400t of grain storage, quality machinery and hay shedding, two shearing sheds with adjoining sheep yards and three sets of steel cattle yards.

The 3096ha Bulgandra Aggregation grows cereal, oilseed and legume crops, and can also produce prime lamb and wool.

Lawson Grains was sold into Canadian hands by Macquarie Agriculture in 2021 for $600m, when it comprised about 105,000ha.

Since then the Lawson Grains portfolio has grown to more than 120,000ha, following the purchase of the 13,498ha Jemalong Station near Forbes in Central West NSW for $85m.

AIMCo, in partnership with New Forests also bought the Green Park Aggregation in Rand, NSW, for almost $40 million, adding it to the now 11,219ha Borambil Aggregation.