PSP Investments to sell Kooba Pty Ltd farms Glenmea, South Farm and Pevensey
The biggest investor in the Australian farming space is cashing out of key assets in southern NSW which could fetch more than $70 million.
Canada’s PSP Investments — the biggest investors in Australian farming space with about $5 billion worth of land and water assets — is offloading a portfolio of farms in the NSW Riverina.
PSP subsidiary Kooba Pty Ltd could receive north of $70 million for the aggregation of four properties totalling almost 20,000ha west of Hay. The aggregation comprises South Farm (7760ha), Glenmea (6223ha), Pevensey (5896ha) and Yang Yang (17ha) and boasts a supplementary water entitlement of 17,000 megalitres.
Kooba Pty Ltd was a spin-off of the 2020 sale of ASX-listed farming giant Webster Limited to PSP. According to ASIC documents, directors of Kooba Pty Lrd include former Webster chairman Chris Corrigan, former Webster chairman David Fitzsimons and PSP Investments ag boss Marc Drouin. Its list of shareholders include Belmont Investment Advisors Limited, headquartered in Monaco.
According to selling agents LAWD, the aggregation has been primarily used for cotton production, with 8734ha of laser levelled row crop country, 173ha of lateral spray, 108ha of flood irrigation. The balance of the land, comprising 10,894ha of grazing and support, of which 586ha has been approved for development.
LAWD said part of the aggregation had future development potential for conversion to intensive horticulture.
The aggregation has 15km of Murrumbidgee River frontage and water storages of 22,922 megalitres.
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