Queensland farms partially sold for almost $40 million
American investors have purchased a 50 per cent stake in two central Queensland cropping properties which span more than 6600ha.
A New York-based investment fund with existing Australian agricultural assets has expanded into central Queensland, following a partial purchase and lease of two substantial cropping properties.
Rural Funds Management, the responsible entity for the ASX-listed specialist agricultural fund manager Rural Funds Group, has sold a 50 per cent stake in the 2492ha Mayneland and 4130ha Baamba Plains properties to American-based investment firm The Rohatyn Group, following a $39 million deal.
As part of the deal, a joint venture between TRG and a global institutional investor will lease the two properties for the next decade on triple-net lease terms.
In an announcement to the ASX, the Rural Funds Group said the transaction with The Rohatyn Group will help reduce Rural Funds’ exposure to operating earnings, while providing confirmation of asset values and capital from sale proceeds for debt reduction.
Settlement of the partial sale is expected early in the 2025 financial year, subject to conditions including Foreign Investment Review Board approval.
Located 10km northwest of Rolleston, in the Central Highlands region of central Queensland, Mayneland predominantly produces cotton crops as well as sorghum, wheat, mung beans, and chickpeas.
Rural Funds Group has owned the Mayneland property since September 2018 after it was acquired for $18 million.
The larger Baamba Plains, located 25km north of Mayneland, was purchased by Rural Funds in 2021 for $32 million, including 20,733ML of water entitlements.
Rural Funds’ Mayneland-Baamba Plains deal with The Rohatyn Group is not their first transaction together, with the ASX-listed fund paying almost $70 million for The Rohatyn Group’s 28,000ha Kaiuroo Aggregation in 2021, including 12,448ML of water entitlements, located in central Queensland’s Mackenzie River district.
Then in September 2022, Rural Funds entered into a 40-year agreement with The Rohatyn Group to lease up to 3000ha of macadamia orchards spread across the Maryborough, Bundaberg and Rockhampton regions.
Earlier this year Rural Funds listed 225,800ha of North Queensland cattle country, offering the 140,300ha Mutton Hole and 85,500ha Oakland Park properties for sale for more than $50 million.
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