AUSSIES BUY BACK THE FARM FOR $30M
9 February 2016,
IN A market dominated by offshore buyers, a local farming syndicate has brought a major parcel of agricultural land in Victoria back into Aussie hands in a deal worth $30 million.
The syndicate, comprising established regional farming families, has secured the 5200ha cropping and grazing portfolio from UK-based funds manager Altima Partners, which held it through corporate entity Demeter Australia Farming.
The sale was achieved through an off-market deal brokered by CBRE Agribusiness agents Duncan McCulloch, James Beer and Danny Thomas.
Thomas says the local syndicate beat a spirited campaign from domestic and international parties.
"The Demeter Farming offering represented a rare opportunity to secure a large scale portfolio of assets in a highly reliable and productive agricultural region," he says.
"We conducted an off-market sale process, whereby we directly targeted and approached domestic and international parties with the opportunity, and ultimately it was the ability of the local syndicate to act quickly and on cash terms that was the key determinant for the vendor."
Thomas says the properties have 'a significant level of further potential'.