ROC Partners buys majority stake in Murray River Land, Ulupna Pastoral Company

A Sydney-based private equity firm has purchased a majority shareholding in more than 60 farms in northern Victoria and southern NSW.

The Murray River Land business comprises about 60 mostly former dairy farms covering 10,000 hectares between Numurkah and Tocumwal.

An investment company has swooped on more than 60 farms in northern Victoria and southern NSW as part of a multimillion-dollar deal.

The Weekly Times can reveal that in the Murray River Land business, which comprises about 60 mostly former dairy farms covering 10,000 hectares between Numurkah and Tocumwal.

ROC has also secured a majority stake in Ulupna Pastoral Company, which manages the Murray River Land assets.

The Weekly Times understands the deal was finalised late last week.

Murray River Land and Ulupna Pastoral Company were placed on the market earlier this year for sale and leaseback or as a co-investment opportunity, with the businesses valued at about $120 million.

Murray River Land and Ulupna Pastoral Company were founded by large-scale West Australian grain grower John Nicoletti and rural property identity Danny Thomas.

According to a statement from Ulupna Pastoral Company, ROC’s investment succeeds Mr Nicoletti’s ownership “and allows him to pursue his acquisitions of significant grain growing properties in Western Australia”. The statement said Mr Thomas would remain a minority shareholder in both Murray River Land and Ulupna Pastoral Company.

In the statement ROC partner Brad Mytton said the new investment would facilitate an acceleration of the transformation of the portfolio into highly efficient irrigated land, using the latest water-use technology to maximise productivity.

“ROC is pleased to bring new Australian institutional capital to this investment, bringing irrigation water back to highly productive land and forming part of the renewal underway in this part of the Goulburn Murray Irrigation District,” Mr Mytton said.

Mr Mytton told The Weekly Times Murray River Land was the first investment of a $150 million first-close fund which enjoyed good support from domestic superannuation clients.

Murray River Land was one of the most-expensive rural property portfolios on the market in Australia this year. Other major listings include US private equity firm Proterra Investment Partners’ 22,500ha Corinella Group of properties in Victoria and South Australia, expected to fetch $350 million, and Chinese coalmining giant’s Shenhua Group 16,570ha portfolio on the NSW Liverpool Plains, which has an asking price of $122 million.

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