A NSW Riverina almond orchard is being sold for $98 million to an overseas bidder, with the sales process likely to conclude by December if the Foreign Investment Review Board gives approval.
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The owner of the Mooral almond orchard at Hillston, Rural Funds Group, put the property on the market in April with an asking price of more than $100 million.
Mooral is located 25 kilometres south west of Hillston and includes 808 hecatres of almond orchards planted in 2006 and 2007 and has a total groundwater entitlement of more than 15,300 megalitres and 1800 megalitres from the Lachlan River.
Rural Funds Group, a real estate investment trust that holds $1 billion in agricultural assets, informed the Australian Securities Exchange this week that it had exchanged contracts to sell Mooral orchard.
The 3841-hectare property will be sold to "a global agriculture and timberland investment manager" on behalf of "pension funds and institutional investors".
The global investment manager heading the sale has been reported as being Hancock Agricultural Investment Group, which is based in the United States and already owns almond and macadamia orchards in Australia.
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The listing agent for the sale, Danny Thomas from CBRE, declined to comment.
Rural Funds Group told investors this week that it "expected to settle" the Mooral sale by December.
"The sale is conditional on completion of due diligence (within 45 days but subject to possible extensions) and Foreign Investment Review Board approval," the Rural Funds Group statement said.
Rex Martinich
Journalist for the Daily Advertiser in Wagga Wagga covering politics and data. Mobile: 0437 853 137 Email: rex.martinich@dailyadvertiser.com.au
Journalist for the Daily Advertiser in Wagga Wagga covering politics and data. Mobile: 0437 853 137 Email: rex.martinich@dailyadvertiser.com.au
