Zadro family sell Gemfields portfolio for $65 million to Manulife and Craig Pressler

The Zadro family, considered the world’s largest macadamia growers, have sold their 4389ha central Queensland property.

The Zadro family have sold their Gemfields portfolio, located near Emerald in central Queensland.

A Canadian investment group and a high-profile Queensland grower have each purchased a slice of the 4389ha Gemfield portfolio, located near Emerald in central Queensland.

The Zadro family, who own and run Saratoga Holdings, considered the world’s largest macadamia producer, offered the two non-contiguous landholdings, Gemfields (779ha) and Cypress and Bauhinias (3607ha), to the market in July last year.

While the terms of the deal remain undisclosed, it is understood Canadian investment group Manulife has purchased the Gemfields holding, which has primarily been used for macadamia production.

Cypress and Bauhinias, which has been used for cotton and cereal crops as well as grazing, was purchased by renowned Emerald citrus grower Craig Pressler.

In total, it is understood the portfolio has been sold for a combined $65 million.

Mr Pressler sold 2PH farms, an aggregation of mandarin, lemon and grape plantings, in June 2021 for about $230 million to listed grower Costa Group.

Gemfields is supported by 6090ML of Medium Priority water allocations delivered through its irrigation network

Mr Pressler’s farms at Emerald and Dimbulah, which had been owned by the family for 50 years, were at the time home to the largest citrus-growing operation in Northern Australia.

Meanwhile Manulife is one of Australia’s largest owners of agricultural assets with more than $1 billion in their portfolio, previously held under the Hancock Agricultural Investment Group brand name.

It sold its 12,840ha Kalanga cotton aggregation to the Coulton family, via Morella Agriculture, from Boggabilla NSW for about $80 million early last year.

Manulife, as HAIG, invested heavily into permanent plantings in 2020, purchasing 19,877ha of cotton and almond farms near Hillston in NSW from Harvard University’s endowment fund for $120 million while also paying $98 million for Rural Funds Group’s Mooral almond business, also at Hillston.

The Cypress and Bauhinias holding was marketed with 916ha of potential development of land suitable for macadamia, pecan, citrus or table grapes.

Meanwhile, the Zadro family was one of the pioneering macadamia producers in Australia four decades ago, since expanding to significantly more than 3640ha of macadamia orchards in Australia and South Africa with a capacity of about 900,000 trees and several processing facilities across both regions.

The Zadros’ Gemfields portfolio adjoins the $120 million Cowal Agriculture portfolio, which was purchased last year by Macquarie Agriculture from US-based Global Endowment Management.

LAWD agents Danny Thomas, Simon Cudmore and Erica Semmens handled the sale with Ray White Bundaberg’s Jim Mullett. They made no comments about the transaction.